| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5766 |
| DP5766 Foreign Direct Investment and R&D Offshoring | |
| Hans Gersbach; Armin Schmutzler | |
| 发表日期 | 2006-07-26 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Early studies of business cycles argued that contractions in economic activity were briefer (shorter) and more violent (rapid) than expansions. This paper systematically investigates this claim and in the process discovers a robust new business cycle fact: expansions and contractions in output are equally brief and violent but contractions in employment are briefer and more violent than expansions. The difference arises because employment typically lags output around peaks but both series roughly coincide in their troughs. We discuss the performance of existing business cycle models in accounting for this fact, and conclude that none can fully account for it. We then show that a simple model that combines three familiar ingredients - labor hoarding, a choice of when to scrap old technologies, and job training or job search - can account for the business cycle fact. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycles Economic expansions and contractions Asymmetric cycles Unemployment |
| URL | https://cepr.org/publications/dp5766 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534607 |
| 推荐引用方式 GB/T 7714 | Hans Gersbach,Armin Schmutzler. DP5766 Foreign Direct Investment and R&D Offshoring. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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