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RePEc-zbw-bubdp1:oai:RePEc:zbw:bubdp1:7036
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<oai:metadata xmlns:oai="http://www.openarchives.org/OAI/2.0/"><mods xmlns="http://www.loc.gov/mods/v3" xsi:schemaLocation="http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd" version="3.2"><titleInfo><title>Can capacity constraints explain asymmetries</title></titleInfo><genre>info:eu-repo/semantics/workingPaper</genre><originInfo><dateIssued>2008</dateIssued></originInfo><name type="personal"><namePart>Knüppel, Malte</namePart><role><roleTerm type="code">aut</roleTerm></role></name><abstract>In this paper, we investigate the ability of a modified RBC model to reproduce asymmetries observed for macroeconomic variables over the business cycle. In order to replicate the empirical skewness of major U.S. macroeconomic variables, we introduce a capacity constraint into an otherwise prototypical RBC model. This constraint emerges due to the assumption of kinked marginal costs of utilization, where the kink is located at a utilization rate of 100 percent. We find that a model with a suitably calibrated cost function reproduces the empirical coe􀀡cients of skewness remarkably well.</abstract><subject><topic>Capacity utilization</topic><topic>capacity constraints</topic><topic>asymmetry</topic><topic>RBC model</topic></subject><classification>E32</classification><location><url note="application/pdf">http://hdl.handle.net/10419/19713</url></location><note>Number 2008,01</note><identifier>RePEc:zbw:bubdp1:7036</identifier><relatedItem type="series"><titleInfo><title>Discussion Paper Series 1: Economic Studies</title></titleInfo><originInfo><publisher>Deutsche Bundesbank, Research Centre</publisher></originInfo></relatedItem></mods></oai:metadata>