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Intermediate Goods and Business Cycles: Implications for Productivity and Welfare
Open accessAbstract
This paper presents an aggregate demand-driven model of business cycles that provides a new explanation for the procyclicality of productivity, and simultaneously predicts large welfare losses from monetary non-neutrality.The key features of the model are an input-output production structure, imperfect competition, counteityclical markups, and, for some results, statedependent price rigidity.True technical efficiency is procyclical even though production takes place with constant returns, without technology shocks or technological externalities.The paper has observable implications that distinguish it empirically from related work.These implications are generally supported by data from U.S. manufacturing industries.
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Citations
Cited by
Exchange rate pass-through to domestic prices: Does the inflationary environment matter?
Choudhri, E. U., & Hakura, D. S. (2006) · Journal of International Money and Finance · doi:10.1016/j.jimonfin.2005.11.009 · Cited by 664
“Productivity and Misallocation in General Equilibrium”
Baqaee, D. R., & Farhi, E. (2020) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz030 · Cited by 648
The Network Origins of Aggregate Fluctuations
Acemoglu, D., Carvalho, V. M., Ozdaglar, A. E., & Tahbaz-Salehi, A. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1947096 · Cited by 440
Firm dynamics, markup variations, and the business cycle
Jaimovich, N., & Floetotto, M. (2008) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2008.08.008 · Cited by 326
Chapter 16 The cyclical behavior of prices and costs
Rotemberg, J. J., & Woodford, M. (1999) · Handbook of Macroeconomics · doi:10.1016/s1574-0048(99)10024-7 · Cited by 313
Metadata
- Authors
- Basu, S.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1994-08
- OpenAlex
- W1582605398
- Cited by
- 414
- References
- 0
- Type
- report
- Language
- en
- Open access
- green
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- Basu, S. (1994). Intermediate Goods and Business Cycles: Implications for Productivity and Welfare. National Bureau of Economic Research. https://doi.org/10.3386/w4817
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
