Quaderni di Dipartimento. Revisiting the Productivity-Hours Puzzle in the RBC Paradigm: The Role of Investment Adjustment Costs
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1 ISSN: Quaderni di Dipartimento Revisiting the Productivity-Hours Puzzle in the RBC Paradigm: The Role of Investment Adjustment Costs Alice Albonico (Università di Pavia) Sarantis Kalyvitis (Athens University of Economics and Business) Evi Pappa (European University Institute) # 64 (2-2) Dipartimento di economia politica e metodi quantitativi Università degli studi di Pavia Via San Felice, 5 I-27 Pavia Febbraio 22
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16 5 output.5 output hours utilization capital consumption investment hours utilization capital consumption investment b= b=8 b=2
17 output output hours hours consum ption consum ption σ= σ=2 σ=3 σ=4 σ=5 σ=6
18 4 output 2 output hours utilization capital consumption investment hours utilization capital consumption investment γ= γ=.25 γ=.75 γ=.95
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