並列摘要
This paper intends to make some extension of the RBC model by using the endogenous growth model to explore whether it is possible to improve the performance of the RBC model, and to discuss the relationship between growth and cycle. We present two stochastic endogenous growth models - the AK model and the Lucas human capital model, and provide further analysis on the business cycle and the long-run time series properties of aggregate variables in this paper. The result suggests that the stochastic endogenous growth models do offer some improvement over the RBC model, and the long-run growth rate may have the ability to influence business cycle. In addition, by studying the lucas model, we are able to capture the behavior of human when they face uncertainty in the accumulation of human capital. Moreover, we show that the unit root test has low power to test a mixture of trend stationary and difference stationary process.