Real Business Cycles
Sectoral versus aggregate shocks and the elasticity of demand for income in terms of work effort
Bibliographic Data
| ID | 12229136 |
|---|---|
| Authors | John R Presley (Loughborough University, corresponding author), John G Sessions (0000-0002-4947-2186, Brunel University of London) |
| Year | 1997 |
| Volume | 9 |
| Issue | 4 |
| Pages | 479-483 |
| Publication date | 1997-10-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Review of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0953-8259 • E-ISSN: 1465-3982 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/09538259700000043 |
| OpenAlex | W2056098786 |
| Language | EN |
| Citations received | 1 |
| References cited | 5 |
Real business cycle theory asserts that technological shocks are a major root cause of cyclical fluctuation, but has yet to explain how a sector technological change impacts upon other sectors of the economy to produce aggregate fluctuations in output. This paper suggest that an appropriate analytical framework with which to address the issue may be derived from the long forgotten concept of the elasticity of demand for income in terms of work effort. Our contention is that the concept could be usefully employed by contemporary real business cycle theorists to explain the macroeconomic repercussions of sectoral changes
Aggregate (composite · Aggregate demand · Business cycle · Economics · Elasticity (physics · Macroeconomics · Monetary economics · Monetary policy · Technological change · Work (physics · Economic theories and models · Economic Theory and Policy · Monetary Policy and Economic Impact
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,33 |
| Citation span | 2023 - 2023 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |