Vasilev, Aleksandar (2020) Does the form of the Aggregate Production Function Matter for Modelling Business Cycle Fluctuations? Lessons for Bulgaria (1999-2018). Review of Economics and Finance Journal, 18 . pp. 81-86. ISSN 1923-7529
Full content URL: https://doi.org/10.35341/1923-7529.2020.18.09
| Documents |
| ||||||
|
PDF
Aleksandar-Vasilev_REF.pdf - Whole Document Available under License Creative Commons Attribution Non-commercial. 787kB |
| Item Type: | Article |
|---|---|
| Item Status: | Live Archive |
Abstract
We introduce a constant-elasticity-of-substitution (CES) production function into a real-business-cycle setup with a government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2018). We investigate the quantitative importance of the degree of substi-tutability between labor and capital in the aggregate production function, and found that aspect to matter relatively little for the ability of the model to match the magnitude of the observed business cycle fluctuation
| Keywords: | E32 |
|---|---|
| Subjects: | L Social studies > L130 Macroeconomics |
| Divisions: | Lincoln International Business School |
| ID Code: | 43654 |
| Deposited On: | 01 Feb 2021 12:45 |
Repository Staff Only: item control page