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http://hdl.handle.net/10071/3214
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Title: Consumer durables and the business cycle
Authors: Leão, E. R.
Leão, P. R.
Keywords: Dynamic general equilibrium
Business cycle
Consumer durables
Labour supply
Issue Date: Sep-2008
Publisher: DINÂMIA
Series/Report no.: DINÂMIA'CET-Working Papers
Abstract: In this paper, we examine the effect of improving the quality of the consumer durables on the general equilibrium of a perfectly competitive economy. Our most interesting finding is that when such an improvement occurs, the percentage response of the labour supply is higher than the percentage response of real output. This is interesting because one of the main shortcomings of standard Real Business Cycle models is that they tend to generate a response of work hours much weaker than the response of real output.
Description: DINÂMIA, Setembro de 2008.
Peer reviewed: Sim
URI: http://hdl.handle.net/10071/3214
Appears in Collections:DINÂMIA'CET-WP - Working papers com arbitragem científica

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