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Why Do Countries and Industries with Large Seasonal Cycles Also Have Large Business Cycles? / J. Joseph Beaulieu, Jeffrey K. MacKie-Mason, Jeffrey A. Miron.
- Format:
- Book
- Author/Creator:
- Beaulieu, J. Joseph.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w3635.
- NBER working paper series no. w3635
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1991.
- Summary:
- We show there is a strong, positive correlation across countries and industries between the standard deviation of the seasonal component and the standard deviation of the non-seasonal component of aggregate variables such as output, labor input, interest rates, and prices. After documenting this stylized fact, we discuss possible explanations and develop a model that generates our empirical finding. The main feature of the model is that firms endogenously choose their degree of technological flexibility as a function of the amounts of seasonal and non-seasonal variation in demand. Although this model is intended to be illustrative, we find evidence supporting one of its key empirical implications.
- Notes:
- Print version record
- February 1991.
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