Endogenous Business Cycles and the Dynamics of Output, Hours, and Consumption
研究一个具有部门特定外部递增规模报酬的两部门内生经济周期模型，发现对于经验上现实的规模报酬程度，内生波动并不能提供现有实际经济周期模型所缺失的动态元素。
This paper studies the business-cycle fluctuations predicted by a two-sector endogenous-business-cycle model with sector-specific external increasing returns to scale. It focuses on aspects of actual fluctuations that have been identified both as defining features of business cycles and as ones standard real-business-cycle models cannot explain. For empirically realistic calibrations of the degree of returns to scale, the results suggest that endogenous fluctuations do not provide the dynamic element that is missing in existing real-business-cycle models.