The two-level CES aggregate production function-that nests a CES into another CES function-has recently been used extensively in theoretical and empirical applications of macroeconomics. We examine ...
Oxford Review of Economic Policy, Vol. 23, No. 1, THE SOLOW GROWTH MODEL (SPRING 2007), pp. 94-114 (21 pages) In this paper, we seek to re-establish the link between the constant elasticity of ...
It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are ...
This paper offers a new interpretation of the elasticity of substitution in the constant elasticity of substitution (CES) utility function under discrete choice and separability. We model an economy ...
Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions ...
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