1 论文标题
Time to Build and Aggregate Fluctuations
2 作者信息

Finn E. Kydland, Edward C. Prescott

3 出处和链接

4 摘要
The equilibrium growth model is modified andused to explain the cyclical variances of a set of economic time series, thecovariances between real output and the other series, and the autocovariance ofoutput. The model is fitted to quarterly data for the post-war U.S. economy.Crucial features of the model are the assumption that more than one time periodis required for the construction of new productive capital, and thenon-time-separable utility function that admits greater intertemporalsubstitution of leisure. The fit is surprisingly good in light of the model'ssimplicity and the small number of free parameters.