By force of demand
Subtitle: explaining international comovements and the saving-investment correlation puzzle
By: by Yi Wen.
Contributors: Federal Reserve Bank of St. Louis.
Series: Working paper ;; 2005-043A; Working paper (Federal Reserve Bank of St. Louis : Online) ;; 2005-043A.
Publisher: Federal Reserve Bank of St. Louis
Published: 2005
Place of publication: [St. Louis, Mo.]
Language: eng
Format: Electronic resource
Subjects: Equilibrium (Economics); Saving and investment.; Business cycles.
Description: "This paper shows that economic fluctuations can be largely demand-driven.  In particular, the stylized open-economy business cycle regularities documented by Feldstein and Horioka (1980) and Backus, Kehoe and Kydland (JPE 1992) can be explained by the standard general equilibrium theory if consumption demand is treated as the primary source of aggregate uncertainty.  Frictions such as market incompleteness, increasing returns to scale, and sticky prices are not needed for resolving these longstanding puzzles"--Federal Reserve Bank of St. Louis web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 7/6/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.