Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

Results found: 1

first rewind previous Page / 1 next fast forward last

Search results

help Sort By:

help Limit search:
first rewind previous Page / 1 next fast forward last
1
Publication available in full text mode
Content available

Stochastic demands, fixed costs and time-varying Solow residual

100%
Dudek M.
Prace i Materiały Instytutu Rozwoju Gospodarczego SGH
|
2015
|
vol. 96: Analyzing and forecasting economic fluctuations
95-125
EN
In a general equilibrium model that contains the standard RBC model as a special case we provide a novel and yet very intuitive interpretation of the Solow residual. We argue in a simple framework with a micro-level uncertainty and fixed costs that movements in the measured value of the Solow residual can reflect endogenous evolution in the stock of knowledge on the status of individual market demands. We establish that transitory shocks can have persistent effects as they exacerbate informational imperfections. In addition, the Solow residual is shown to fluctuate even though the technological frontier is time invariant and factors are fully employed. Finally, we argue that movements in the measured value of the TFP can be caused by monetary disturbances.
first rewind previous Page / 1 next fast forward last
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.