BUSINESS CYCLES WITH CYCLICAL RETURNS TO SCALE
研究发现实际生产中投入互补性导致规模收益呈顺周期性，提出灵活超越对数生产函数并嵌入DSGE模型，更好地匹配要素份额的周期性和降低加成率冲击对产出波动的影响。
Abstract We study business cycles with cyclical returns to scale. Contrary to tightly parameterized conventional production functions, we empirically identify strong input complementarity that leads to procyclical returns to scale. We, therefore, propose a flexible translog production function that allows complementarity‐induced procyclical returns to scale. We integrate this function into a standard medium‐scale dynamic stochastic general equilibrium model. Our estimated model with input complementarity (i) features procyclical returns to scale and acyclical price markups, (ii) better matches the cyclicality of factor shares, and (iii) significantly decreases the contribution of markup shocks to output fluctuations relative to those of the standard model.