GDL

Journal from gdlhub / 2017-08-14 11:52:53
Oleh : Marianne Baxter, Dorsey D. Farr, ELSEVIER (mbaxter@bu.edu (M. Baxter).)
Dibuat : 2010-06-30, dengan 1 file

Keyword : Variable, capital, utilization, international, business, cycles

This paper develops a two-country international business-cycle model with variable capital


utilization, using a standard depreciation-in-use technology. Variable capital utilization significantly


reduces the required size of productivity shocks needed to replicate observed output volatility by 20–


40%. Further, the model generates positive comovement across countries in wages, hours, and


investment, while preserving empirically accurate predictions regarding the relative cross-country


correlations of output and consumption and the countercyclical behavior of net exports. Finally,


accounting for variable capital utilization reduces cross-country correlation of true productivity


shocks relative to that of the standard Solow residual.


2004 Published by Elsevier B.V.

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