Putty-Clay and Investment: A Business Cycle Analysis
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This paper develops a dynamic stochastic general equilibrium model with putty-clay technology that incorporates embodied technology, investment irreversibility, and variable capacity utilization. Low short-run capital-labor substitutability native to the putty-clay framework induces the putty-clay
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美国国家经济研究局创建时间：
1998-11-01
