Abstract
Standard real business cycle theory postulates variations in the level of output resulting from the effects of ongoing investment in the technological portion of the aggregate capital stock, which should be thought of as consisting of many types of capital rather than merely the two types postulated in the equation illustrated in Fig. 3.1. These variations would usually be accompanied by changes in labour-leisure choice by those in whom the human capital portion of the aggregate capital stock is embodied. The focus here, however, is on more traditional changes in the level of employment that involve involuntary changes in the degree of utilization of the human and non-human portions of the aggregate capital stock.
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Floyd, J.E. (2010). Variations in Employment. In: Interest Rates, Exchange Rates and World Monetary Policy. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-10280-6_4
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DOI: https://doi.org/10.1007/978-3-642-10280-6_4
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