A THREE-GOOD OVERLAPPING-GENERATIONS GENERAL EQUILIBRIUM EFFICIENT BUSINESS CYCLE MODEL

Julan Du ()
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Julan Du: Department of Economics, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong, China

Division of Labor & Transaction Costs (DLTC), 2006, vol. 01, issue 02, 127-162

Abstract: This paper presents an overlapping-generations general equilibrium model of efficient business cycles. It considers three types of goods in an economy: primary goods, intermediate goods and final goods. It shows that complete division of labour with business cycles and unemployment can be the Pareto optimal regime. It also sheds light on the transmission of business cycles between sectors and across economies.

Keywords: Efficient business cycles; durable goods; nondurable goods; division of labour; specialized learning by doing; unemployment (search for similar items in EconPapers)
JEL-codes: C62 D E1 F F11 F12 F16 J2 J3 L O (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1142/S021987110600010X

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