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dc.contributor.authorDang, Jingen_US
dc.contributor.authorGillman, Maxen_US
dc.contributor.authorKejak, Michalen_US
dc.date.accessioned2011-03-31en_US
dc.date.accessioned2012-11-02T14:30:01Z-
dc.date.available2012-11-02T14:30:01Z-
dc.date.issued2011en_US
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_US
dc.language.isoengen_US
dc.publisherCardiff Univ, Cardiff Business School, Economics Section Cardiffen_US
dc.relation.ispartofseriesCardiff Economics Working Papers E2011/8en_US
dc.subject.jelE24en_US
dc.subject.jelE32en_US
dc.subject.jelO41en_US
dc.subject.ddc330en_US
dc.subject.keywordreal business cycleen_US
dc.subject.keywordhuman capitalen_US
dc.subject.keywordpersistenceen_US
dc.subject.keywordvolatilityen_US
dc.subject.keywordlaboren_US
dc.subject.stwProduktivitäten_US
dc.subject.stwSchocken_US
dc.subject.stwQualifikationen_US
dc.subject.stwArbeitsangeboten_US
dc.subject.stwArbeitszeiten_US
dc.subject.stwTheorieen_US
dc.titleReal business cycles with a human capital investment sector and endogenous growth: Persistence, volatility and labor puzzlesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn655170138en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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