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https://hdl.handle.net/10419/65762
Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Gillman, Max | en |
dc.date.accessioned | 2012-05-18 | - |
dc.date.accessioned | 2012-11-02T14:27:29Z | - |
dc.date.available | 2012-11-02T14:27:29Z | - |
dc.date.issued | 2012 | - |
dc.identifier.uri | http://hdl.handle.net/10419/65762 | - |
dc.description.abstract | The paper shows how a dynamic neoclassical AS-AD can be derived and used to describe business cycles and growth trends to undergraduates. Derived within the Ramsey-Cass-Koopmans (RCK) model, the AS-AD is the stationary equilibrium of the deterministic dynamic general equilibrium framework. Allowing Solow exogenous growth, the AS-AD is derived along the balanced growth path equilibrium. The derivation first builds consumption demand, aggregate demand, and then aggregate supply through the equilibrium conditions and a closed form solution for the capital stock. Through a comparative static change in goods sector productivity, the paper shows the basic failing of the standard RBC model. Allowing a second comparative static change in the consumer's time endowment, this captures a change in the external margin of labor supply. These comparative statics enable explanation of the business cycle, and Solow-plus growth trends including education time and working time. In extension of RCK, the paper shows beyond the undergraduate level, how to derive AS-AD when including human capital and endogenous growth. This allows an endogenous change in the time endowment for work and leisure through a change in human capital productivity, with a similar but more fundamental AS-AD story of business cycles and growth trends. | en |
dc.language.iso | eng | en |
dc.publisher | |aCardiff University, Cardiff Business School |cCardiff | en |
dc.relation.ispartofseries | |aCardiff Economics Working Papers |xE2012/12 | en |
dc.subject.jel | A22 | en |
dc.subject.jel | A23 | en |
dc.subject.jel | E13 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Ramsey-Cass-Koopmans | en |
dc.subject.keyword | supply | en |
dc.subject.keyword | demand | en |
dc.subject.keyword | state variable | en |
dc.title | AS-AD in the standard dynamic neoclassical model: Business cycles and growth trends | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 715900587 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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