Endogenous Business Cycles with Frictional Labour Markets
构建了一个带有摩擦性劳动力市场的新古典资本积累模型，在标准参数下均衡不确定，产生预期驱动的内生经济周期，并能解释美国数据中产出增长的高自相关性和驼峰形脉冲响应。
We present a neoclassical model of capital accumulation with frictional labour markets. Under standard parameter values the equilibrium of the model is indeterminate and consequently displays expectations-driven business cycles - so-called endogenous business cycles. We study the properties of such cycles, and find that the model predicts the high autocorrelation in output growth and the hump-shaped impulse response of output found in US data - important features that existing endogenous real business cycle models fail to explain. The indeterminacy of the equilibrium stems from job search externalities and does not rely on increasing returns to scale as in most models. Copyright 2005 Royal Economic Society.