We introduce a new type of production function, called approximate Cobb-Douglas function, by a perturbation of Euler's partial differential equation characterizing homogeneous function. We show that ...

It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are ...

In this article, we show that the production, aggregation, and estimation theories that lead to a stochastic-coefficients production function are more general than those leading to a ...