Demand-Driven Business Cycles: Explaining Domestic and International Comovements
نویسنده
چکیده
When capacity utilization is allowed to vary, standard equilibrium theory predicts that demand shocks can generate not only closed-economy business cycles that are previously thought explainable only by technology shocks, but also international business cycles that are more consistent with the data than what can be generated by technology shocks. JEL classi ̄cation: E13, E32, F11, F41.
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تاریخ انتشار 2001