دانلود مقاله ISI انگلیسی شماره 135428
ترجمه فارسی عنوان مقاله

عدم تعادل، هزینه های نگهداری سرمایه و چرخه کسب و کار

عنوان انگلیسی
Indeterminacy, capital maintenance expenditures and the business cycle
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
135428 2017 7 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Economic Modelling, Volume 61, February 2017, Pages 432-438

پیش نمایش مقاله
پیش نمایش مقاله  عدم تعادل، هزینه های نگهداری سرمایه و چرخه کسب و کار

چکیده انگلیسی

This paper examines how maintenance expenditures affect the occurrence of indeterminacy in a two-sector model economy, motivated by the empirical fact that equipment and structures are maintained and repaired. McGrattan and Schmitz's (1999) survey on ‘Capital and Repair Expenditures’ in Canada indicates that maintenance expenditures account for a substantial fraction of output and new investment. It is shown that the endogenous maintenance expenditures reduce the requirement of the degree of increasing returns to scale to generate sunspot equilibria. In fact, the minimum level of the returns to scale required could be as low as 1.0179. This aspect is important since empirical works such as Basu and Fernald (1997) suggest that returns to scale is close to constant.