UNSPECIFIED (1997) Nominal shocks, endogenous growth and the business cycle. ECONOMIC JOURNAL, 107 (441). pp. 467-474. ISSN 0013-0133

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Abstract

The paper proposes a simple model of wage setting and imperfect competition that rakes into account knowledge and human capital accumulation. We show that, given increasing returns to reproducible factors, transitory disturbances to output that originate on the demand side of the economy produce permanent upward shifts in the aggregate production function. This implies that the presence of a stochastic trend in the process for income may not be informative per se about the forces driving the cycle.

Item Type:	Journal Article
Subjects:	H Social Sciences > HC Economic History and Conditions
Journal or Publication Title:	ECONOMIC JOURNAL
Publisher:	BLACKWELL PUBL LTD
ISSN:	0013-0133
Date:	March 1997
Volume:	107
Number:	441
Number of Pages:	8
Page Range:	pp. 467-474
Publication Status:	Published
URI:	http://wrap.warwick.ac.uk/id/eprint/17913

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