Deconstructing the Success of Real Business Cycles.
The empirical success of Real Business Cycle (RBC) models is often judged by their ability to explain the behavior of a multitude of real macroeconomic variables using a single exogenous shock process. This paper shows that in a model with the same basic structure as the bare bones RBC model, moneta...
| Publicado en: | Economic Inquiry Vol. 47; no. 4; pp. 739 - 754 |
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| Formato: | Artículo |
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Wiley-Blackwell
October 2009
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=510904282&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 510904282 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: N pubinfo: dt: October 2009 vid: 47 iid: 4 pid: 480 pub: Wiley-Blackwell artinfo: ui: 510904282 10.1111/j.1465-7295.2008.00141.x ppf: 739 ppct: 15 formats: fmt: – @attributes: type: T – @attributes: type: P size: 9.3MB tig: atl: Deconstructing the Success of Real Business Cycles. aug: au: Nakamura, Emi su: Mathematical models of business cycles sug: subj: Mathematical models of business cycles ab: The empirical success of Real Business Cycle (RBC) models is often judged by their ability to explain the behavior of a multitude of real macroeconomic variables using a single exogenous shock process. This paper shows that in a model with the same basic structure as the bare bones RBC model, monetary, cost-push or preference shocks are equally successful at explaining the behavior of macroeconomic variables. Thus, the empirical success of the RBC model with respect to standard RBC evaluation techniques arises from the basic form of the dynamic stochastic general equilibrium model, not from the specific role of the productivity shock. (JEL E32, E37) Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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