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Conference Paper
Path dependence in aggregate output
Durlauf, Steven N. (1991-11)
Proceedings , Issue Nov

Working Paper
Heterogeneous firms, productivity and poverty traps
DiCecio, Riccardo; Barseghyan, Levon (2006)
We present a model of endogenous total factor productivity which generates poverty traps. We obtain multiple steady-state equilibria for an arbitrarily small degree of increasing returns to scale. While the most productive firms operate across all the steady states, in a poverty trap less productive firms operate as well. This results in lower average firm productivity and lower total factor productivity. In our model a growth miracle is accompanied by a shift of employment from small to large firms, consistent with the empirical evidence. We calibrate our model and relate entry costs to the ...
Working Papers , Paper 2005-068

Working Paper
Globalization of production and the technology transfer paradox
Lai, Edwin L.-C. (2008)
This paper develops a growth model aimed at understanding the effects of globalization of production on rate of innovation, distribution of labor income between the North and South and welfare of workers in both regions. We adopt a dynamic general equilibrium product cycle model, assuming that the North specializes in innovation and the South specializes in imitation. Globalization of production resulting from trade liberalization and imitation of the North?s technology by the South increases the rate of innovation. When the South?s participation in the product cycle is not too deep, further ...
Working Papers , Paper 0810

Working Paper
Decentralized production and public liquidity with private information
Nachman, David C.; Smith, Stephen D. (2000)
Firms with private information about the outcomes of production under uncertainty may face capital (liquidity) constraints that prevent them from attaining efficient levels of investment in a world with costly and/or imperfect monitoring. As an alternative, we examine the efficiency of a simple pooling scheme designed to provide a public (cooperative) supply of liquidity that results in the first best outcome for economic growth. We show that if, absent aggregate uncertainty, the elasticity of scale of the production technology is sufficiently small, then efficient levels of investment and ...
FRB Atlanta Working Paper , Paper 2000-2

Report
Inventory dynamics and business cycles: what has changed?
Zakrajšek, Egon; McCarthy, Jonathan (2002)
By historical standards, the U.S. economy has experienced a period of remarkable stability since the mid-1980s. One explanation attributes the diminished variability of economic activity to information-technology-led improvements in inventory management. Our results, however, indicate that the changes in inventory dynamics since the mid-1980s played a reinforcing - rather than a leading - role in the volatility reduction. A decomposition of the reduction in the volatility of manufacturing output shows that it almost entirely reflects a decline in the variance of the growth contribution of ...
Staff Reports , Paper 156

Working Paper
Central bank institutional design and the output cost of disinflation: did the 1989 New Zealand Reserve Bank Act affect the output-inflation tradeoff?
Walsh, Carl E.; Hutchison, Michael M. (1997)
Pacific Basin Working Paper Series , Paper 97-02

Report
Estimating substitution elasticities in household production models
Wright, Randall; Rupert, Peter; Rogerson, Richard (1994)
Dynamic general equilibrium models that include explicit household production sectors provide a useful framework within which to analyze a variety of macroeconomic issues. However, some implications of these models depend critically on parameters, including the elasticity of substitution between market and home consumption goods, about which there is little information in the literature. Using the PSID, we estimate these parameters for single males, single females, and married couples. At least for single females and married couples, the results indicate a high enough substitution elasticity ...
Staff Report , Paper 186

Working Paper
Consumption and time use over the life cycle
Dotsey, Michael; Li, Wenli; Yang, Fang (2010)
The authors incorporate home production in a dynamic general equilibrium model of consumption and saving with illiquid housing and a collateralized borrowing constraint. They show that the model is capable of explaining life-cycle patterns of households' time use and consumption of different categories. Specifically, households' market hours and home hours are fairly stable early in the life cycle. Market hours start to decline sharply at age 50, while home hours begin to increase at age 55. Households' consumption of the market good, home input, and housing services all exhibit hump shapes ...
Working Papers , Paper 10-37

Report
Volatility accounting: a production perspective on increased economic stability
Stiroh, Kevin J. (2006)
This paper examines the declining volatility of U.S. output growth from a production perspective. At the aggregate level, increased output stability reflects decreased volatility in both labor productivity growth and hours growth as well as a significant decline in the correlation. The decline in output volatility can also be traced to less volatile labor input and total factor productivity (TFP) growth and the smaller covariance between them. This relationship suggests that labor market changes such as increased labor market flexibility are an important source of increased output stability. ...
Staff Reports , Paper 245

Working Paper
North-South business cycles
Kouparitsas, Michael A. (1996)
This paper shows that the economic activity of the industrial North and developing South move together - when the North is above its trend, the South tends to be above its trend. We refer to this phenomenon as the "North-South business cycle." The paper develops a quantitative general equilibrium model of North-South trade that captures many cyclical features of North-South trade and production data. In particular, the high volatility of North-South terms of trade, and strong comovement of Northern and Southern activity. On the basis of this model we argue that North-South business cycles ...
Working Paper Series, Macroeconomic Issues , Paper WP-96-9

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