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- W2009559969 abstract "Aggregate variables display both persistence and damped oscillations in response to temporary external shocks. The standard real business cycles (RBC) model cannot explain these patterns, because its stable eigenvalues are positive and real. We demonstrate that this model with labor adjustment costs can yield complex eigenvalues. However, numerical experiments suggest that the model cannot display distinguishable damped oscillations of aggregate variables." @default.
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- W2009559969 date "2005-09-28" @default.
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- W2009559969 title "Labor adjustment costs and complex eigenvalues" @default.
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- W2009559969 doi "https://doi.org/10.1007/s00199-005-0007-0" @default.
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