Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/65841 
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dc.contributor.authorDang, Jingen
dc.contributor.authorGillman, Maxen
dc.contributor.authorKejak, Michalen
dc.date.accessioned2011-03-31-
dc.date.accessioned2012-11-02T14:30:01Z-
dc.date.available2012-11-02T14:30:01Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/65841-
dc.description.abstractA positive joint two-sector productivity shock causes Rybczynski (1955) and Stolper and Samuelson (1941) effects that release leisure time and initially raises the relative price of human capital investment so as to favor it over goods production. This enables a basic RBC model, modified by having the household sector produce human capital investment sector, to succeed along related major dimensions of output, consumption, investment and labor, similar to the international approach of Maodifying the dynamics relative to the important work of Jones et al. (2005), two key US facts stressed by Cogley and Nason (1995) are captured: persistent movements in the growth rates of output and hump-shaped impulse responses of output. Further, physical capital investment has data consistent persistence within a hump-shaped impulse response. And Gali's (1999) challenging empirical finding that labour supply decreases upon impact of a positive productivity shock is reproduced, while volatility in working hours is also data-consistent because of the substitution between market and nonmarket sectors.en
dc.language.isoengen
dc.publisher|aCardiff University, Cardiff Business School |cCardiffen
dc.relation.ispartofseries|aCardiff Economics Working Papers |xE2011/8en
dc.subject.jelE24en
dc.subject.jelE32en
dc.subject.jelO41en
dc.subject.ddc330en
dc.subject.keywordreal business cycleen
dc.subject.keywordhuman capitalen
dc.subject.keywordpersistenceen
dc.subject.keywordvolatilityen
dc.subject.keywordlaboren
dc.subject.stwProduktivitäten
dc.subject.stwSchocken
dc.subject.stwQualifikationen
dc.subject.stwArbeitsangeboten
dc.subject.stwArbeitszeiten
dc.subject.stwTheorieen
dc.titleReal business cycles with a human capital investment sector and endogenous growth: Persistence, volatility and labor puzzles-
dc.typeWorking Paperen
dc.identifier.ppn655170138en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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