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Investment, Capacity, and Uncertainty: A Putty-Clay Approach

Simon Gilchrist () and John Williams ()

Review of Economic Dynamics, 2005, vol. 8, issue 1, 1-27

Abstract: This paper introduces Heckscher-Ohlin trade features into a two-country dynamic stochastic general equilibrium model, and studies the international transmission of productivity shocks through trade in goods. This framework improves upon existing international real business cycle models in that it generates business cycle properties comparable with the empirical evidence regarding the terms of trade and the trade balance. (Copyright: Elsevier)

Keywords: vintage capital; irreversibility; capacity utilization; productivity (search for similar items in EconPapers)
JEL-codes: E32 F11 F32 F41 (search for similar items in EconPapers)
Date: 2005
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Working Paper: Investment, Capacity, and Uncertainty: A Putty-Clay Approach (2004) Downloads
Working Paper: Investment, capacity, and uncertainty: a putty-clay approach (2002) Downloads
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DOI: 10.1016/j.red.2004.06.002

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