On-the-job human capital accumulation in a real business cycle model: Implications for intertemporal substitution elasticity and labor hoarding

2007 ◽  
Vol 10 (3) ◽  
pp. 494-518 ◽  
Author(s):  
Daehaeng Kim ◽  
Chul-In Lee
Keyword(s):  
Human Capital ◽  
Business Cycle ◽  
Capital Accumulation ◽  
Real Business Cycle ◽  
Human Capital Accumulation ◽  
Cycle Model ◽  
Intertemporal Substitution ◽  
Business Cycle Model ◽  
Labor Hoarding ◽  
Real Business Cycle Model

scholarly journals Plant-Level Irreversible Investment and Equilibrium Business Cycles

2002 ◽  
Vol 92 (1) ◽  
pp. 181-197 ◽  
Author(s):  
Marcelo L Veracierto
Keyword(s):  
Business Cycles ◽  
Business Cycle ◽  
Real Business Cycle ◽  
Aggregate Fluctuations ◽  
Cycle Model ◽  
Irreversible Investment ◽  
Business Cycle Model ◽  
Plant Level ◽  
Aggregate Dynamics ◽  
Real Business Cycle Model

This paper evaluates the importance of microeconomic irreversibilities for aggregate dynamics using a real-business-cycle (RBC) model characterized by investment irreversibilities at the establishment level. The main finding is that investment irreversibilities do not play a significant role in an otherwise standard real-business-cycle model: Even though investment irreversibilities are crucial for establishment-level dynamics, aggregate fluctuations are basically the same under fully flexible or completely irreversible investment.

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