Business Cycles with Cyclical Returns to Scale

Hyun, Jay; Kim, Ryan; Lee, Byoungchan

Business Cycles with Cyclical Returns to Scale

Hyun, Jay; Kim, Ryan; Lee, Byoungchan

Institute of Social and Economic Research Discussion Papers, 2022, 1178, 1-63

アクセス数:198件（2025-07-13 22:22 集計）

固定URL: https://hdl.handle.net/11094/88476

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タイトル	Business Cycles with Cyclical Returns to Scale
著者	著者名 Hyun, Jay
	著者名 Kim, Ryan
	著者名 Lee, Byoungchan
キーワード等	Business cycles
	Translog production function
	DSGE model
	Returns to scale
	Markup
	Markup shocks
抄録	We study business cycles with cyclical returns to scale. Contrary to tightly parameterized production functions (Cobb-Douglas and Constant Elasticity of Substitution), we empirically identify strong input complementarity that leads to procyclical returns to scale. We therefore propose a flexible translog production function that allows complementarity-induced procyclical returns to scale, and we integrate this function into a standard medium-scale dynamic stochastic general equilibrium (DSGE) model. The estimated model with the procyclical returns to scale (i) features procyclical price markups, (ii) better matches the cyclicality of factor shares, and (iii) decreases by nearly half the contribution of markup shocks to output fluctuations.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1178
ページ	1-63
刊行年月	2022-06
言語	英語
ハンドルURL	https://hdl.handle.net/11094/88476
PISSN	0473453X
eISSN	24350982
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2022/DP1178.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2022, 1178, p. 1-63
DC.title	Business Cycles with Cyclical Returns to Scale
DC.creator	Hyun, Jay
	Kim, Ryan
	Lee, Byoungchan
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2022-06
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2022/DP1178.pdf
DC.subject	Business cycles
	Translog production function
	DSGE model
	Returns to scale
	Markup
	Markup shocks
DCTERMS.abstract	We study business cycles with cyclical returns to scale. Contrary to tightly parameterized production functions (Cobb-Douglas and Constant Elasticity of Substitution), we empirically identify strong input complementarity that leads to procyclical returns to scale. We therefore propose a flexible translog production function that allows complementarity-induced procyclical returns to scale, and we integrate this function into a standard medium-scale dynamic stochastic general equilibrium (DSGE) model. The estimated model with the procyclical returns to scale (i) features procyclical price markups, (ii) better matches the cyclicality of factor shares, and (iii) decreases by nearly half the contribution of markup shocks to output fluctuations.
DC.format	88476
citation_title	Business Cycles with Cyclical Returns to Scale
citation_author	Hyun, Jay
	Kim, Ryan
	Lee, Byoungchan
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2022-06
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1178
citation_firstpage	1
citation_lastpage	63
citation_public_url	https://hdl.handle.net/11094/88476
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2022/DP1178.pdf

Business Cycles with Cyclical Returns to Scale

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