Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/228740 
Year of Publication: 
2020
Citation: 
[Journal:] Review of Economics and Finance [Volume:] 18 [Publisher:] REF Press [Place:] Solihull [Year:] 2020 [Pages:] 81-86
Publisher: 
Refpress, Solihull
Abstract: 
We introduce a constant-elasticity-of-substitution (CES) production function into a real-business-cycle setup with a government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2018). We investigate the quantitative importance of the degree of substitutability between labor and capital in the aggregate production function, and found that aspect to matter relatively little for the ability of the model to match the magnitude of the observed business cycle fluctuations.
Subjects: 
business cycles
CES aggregate production function
Bulgaria
JEL: 
E24
E32
URL of the first edition: 
Creative Commons License: 
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Document Type: 
Article
Document Version: 
Published Version
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