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A Non-Competitive, Equilibrium Model Of Fluctuations / Robert E. Hall.
- Format:
- Book
- Author/Creator:
- Hall, Robert E.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w2576.
- NBER working paper series no. w2576
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1988.
- Summary:
- An equilibrium model of fluctuations has two components: an elastic labor supply schedule and a source of shifts of the labor demand schedule. In the real business cycle model, shifts of labor demand follow from vibrations in the production function. In the model of this paper, shifts of labor demand are the result of changes in preferences. Total real GNP falls when demand shifts away from goods produced by sectors with market power and toward competitive sectors. The observed cyclical stability of relative prices is consistent with such demand shifts.
- Notes:
- Print version record
- April 1988.
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