; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Cyclical Factor Utilization"; ; "batchuser@example.com"; "Cho, Jang-Ok", "Bils, Mark"; "Federal Reserve Bank of Minneapolis"; "E32 - Business Fluctuations; Cycles"; "We introduce procyclical labor and capital utilization, as well as costs of rapidly increasing employment, into a business-cycle model. Plausible variations in factor utilization enable us to explain observed variability of real GNP with considerably smaller economy-wide disturbances. The costs of adjustment create very interesting and realistic lead and lag relationships: Employment does not peak until a full quarter after output; workweeks, effort, capital utilization, and productivity all sharply lead the business cycle. "^^; "1993-02-01"; "2019-05-21T17:58:01.31417414+00:00"^^; "https://doi.org/10.21034/dp.79"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Apr 22 16:41:46 2020"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "138", "83"; "Discussion paper (Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics)"; "079"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics"; "Published in: _Journal of Monetary Economics_ (Vol. 33, No. 2, April 1994, pp. 319-354) https://doi.org/10.1016/0304-3932(94)90005-1."^^; ; "Publication" . ; .