REÁLNY EKONOMICKÝ CYKLUS V PODMIENKACH NEDOKONALÉHO FUNGOVANIA TRHU KAPITÁLU
Real business cycle under the conditions of imperfect working market of capital goods
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In this paper the authors deal with a question of how imperfect flexibility of interest rate and prices of capital goods on market of capital influences welfare if an economy is submitted to technology shocks. By the use of the basic real-business-cycle model they explain how positive technology shocks may lower welfare. The authors identify factors influencing the need of flexible interest rate and flexible prices of capital goods. Their model predicts significant influence of elasticity of substitution of factors of production, of persistency and of intensity of technology shocks on welfare under the conditions of imperfect working capital market. Efficient capital market becomes more important with a slower rate of operation of diminishing marginal product of capital, lower persistency and higher intensity of technology shocks.
1006 – 1025
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