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Economics

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A cross-industry examination of the Lucas misperceptions model

Article Abstract:

A study was conducted to refine the theory developed by Robert Lucas in which short-run equilibrium business cycles depend on the intertemporal labor supply decisions of suppliers. Lucas combines workers and firms under the collective term of suppliers, who respond to output price by increasing their real output. It was shown that realistic treatment of sectoral firms and workers as separate entities is important. The results of the evaluation of cyclical fluctuations in 28 private industries raised questions about the soundness of the imperfect-information neo-classical explanation of business cycles.

Labor supply, Labor force, Overproduction

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Supply-side asymmetry and the non-neutrality of demand fluctuations

Article Abstract:

Empirical evidence is found on the existence of supply-side asymmetry and non-neutrality of demand fluctuations, thereby, making the neutrality of long-term demand fluctuations debatable. Annual data from developed and developing countries show that capacity constraints may necessitate steeper curves in positive shocks compared curves in negative shocks and agents have the tendency to develop greater incentives in positive demand shocks than in negative demand shocks.

Econometrics & Model Building, Analysis, Econometrics, Macroeconomics, Business models, Demand functions (Economics), Demand functions

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Economic stabilization in developed and developing countries: an empirical investigation

Article Abstract:

An analysis of economic stabilization models in developing and industrialized countries is presented. The analysis focuses on real output and price variable reactions to economic shocks for both country types. It is shown that differences exist in cyclical behavior of real prices and output between both groups. However, a thorough investigation is needed before concluding on the finality of such conditions with respect to theoretical basis.

Research, Developing countries, Industrialized countries, Industrial nations, Economic stabilization

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