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(Elsevier Science B.V., 1997-03)This paper investigates the conditions under which a dynamic, stochastic macroeconomic model with many interacting agents will exhibit the ‘small shocks, large shocks’ property that is often said to characterize observed ...
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(University College Dublin. School of Economics, 2000-11)Wallers (1989) model which incorporates an effort augmented production function into a traditional Keynesian analysis of supply and demand shocks is generalised by not restricting the elasticity of substitution between ...
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(Queen’s University. Department of Economics, 2006-03)We study the dynamics of an industry subject to aggregate demand shocks where the productivity of a firm’s technology evolves stochastically over time. Each period, each firm, given the aggregate demand shock, the productivity ...
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(Elsevier Science, 2005-03)In a model with rigid nominal wages, full information and competitive product markets, I show that when an effort augmented production function is incorporated into an analysis of supply and demand shocks, the outcomes are ...
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(Central Bank of Ireland, 2004-10)This paper presents some new results on the effects of technology shocks on hours worked based on structural VAR specifications containing various measures of US productivity growth and hours. These specifications can ...
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(Queen’s University. Department of Economics, 1996)We develop a theoretical model of the dynamics of an industry over the business cycle. In the economy, both aggregate demand and the productivity of a firm's technology evolve stochastically. Each period, firms must choose ...
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(Elsevier Science B.V., 1992-10)Recent evidence on output convergence across economies has been widely interpreted as falsifying the predictions of endogenous growth theory. This paper shows, however, that nonconvergence is an artifact of the deterministic ...
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(Institute for the Study of Labor, 2007-05)Within a structural model we explicitly allow for the trade orientation of companies to estimate productivity dynamics within 4-digit UK manufacturing industries. We use the FAME data on UK companies over the period ...
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(Rand Journal of Economics, 2008)We study the dynamics of an industry subject to aggregate demand shocks where the productivity of a firm’s technology evolves stochastically over time. To characterize the intertemporal evolution of the distribution of ...
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(Elsevier Science, 1999-12)Industrial output in Central and Eastern Europe evolved in a U-shape during the first seven years of transition. The literature explains the initial collapse of industrial output as an inefficient outcome driven by supply ...