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Mark Weder
''Hours and effort variation in sunspot-based business cycle theory''
( 2008, Vol. 5 No.12 )
This paper analyzes the role of variable work effort in inducing sunspot equilibria in real business cycle models. Not only is it demonstrated that variable workers' work intensity reduces the degree of increasing returns that is needed to generate indeterminacy but it is also shown that this can be done without assuming a very elastic supply of labor.
Keywords: Indeterminacy
JEL: E3 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Manuscript Received : Mar 12 2008 Manuscript Accepted : Mar 13 2008

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