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dc.contributor.authorChadha, Jagjit S.en_GB
dc.contributor.authorNolan, Charlesen_GB
dc.date.accessioned2004-06-16T16:04:49Z
dc.date.available2004-06-16T16:04:49Z
dc.date.created2001-02en_GB
dc.date.issued2004-06-16T16:04:49Z
dc.identifier.urihttp://www.dspace.cam.ac.uk/handle/1810/282
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/282
dc.description.abstractWe develop two variants of an open economy general equilibrium model employing Blanchard-Yaari life overlapping generations, which are shown to capture a number of important aspects of the UK economic cycle. We analyse the equilibrium stochastic processes of the model�s endogenous variables in response to two primitive driving processes: total factor productivity and various measures of total factor productivity corrected for capacity utilisation over the cycle. We find, following Vickers� (2000) suggestion, that the marginal product of capital is procyclical. Interestingly, we find that the difference between the procyclical real rate from the artificial economies and the observed real rate seems to play a role in explaining the UK inflation and output outcomes.en_GB
dc.format.extent968806 bytes
dc.format.mimetypeapplication/pdfen_GB
dc.format.mimetypeapplication/pdf
dc.language.isoen_GB
dc.publisherFaculty of Economics
dc.relation.ispartofseriesCambridge Working Papers in Economics
dc.rightsAll Rights Reserveden
dc.rights.urihttps://www.rioxx.net/licenses/all-rights-reserved/en
dc.subject.classificationClassification-JEL: E20, E32, F32, F41en_GB
dc.subject.othernatural rate, productivity shocks, real ratesen_GB
dc.titleSupply Shocks and the "Natural Rate of Interest": an Explorationen_GB
dc.typeWorking Paperen
dc.identifier.doi10.17863/CAM.5022


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