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Real business cycle models ...
This paper attempts to provide an evaluation of both strengths and weaknesses of the real business cycle (RBC) approach to the analysis of macroeconomic fluctuations. It begins with a description of the basic analytical structure typically employed, one in which individual households make consumption and labor supply decisions while producing output from capital and labor inputs, hired on competitive markets, according to a technology that is subject to stochastic shocks. It then explores conditions on parameter values that are needed for a model of this type to yield fluctuations that provide a good quantitative match to those observed in the postwar U.S. quarterly data. The plausibility of the hypothesis that (unobservable) aggregate technology shocks have the requisite variability is considered and problems with certain cross correlations are noted. Relevant evidence obtained by formal econometric methods is summarized and a few tentative conclusions regarding business cycle research are suggested
Monografía
monografia Rebiun36746446 https://catalogo.rebiun.org/rebiun/record/Rebiun36746446 m o d cr unu|||||||| 880225s1988 mau ob 000 0 eng d UAO ocn326895409 SCPER eng pn CUSER OCLCQ NTE OCLCQ OCLCO OCLCF OCLCQ SXT NBERS OCLCQ OCLCO OCLCQ OCLCO OCLCL OCLCQ 330 OCoLC E jelc McCallum, Bennett T. Real business cycle models Bennett T. McCallum Cambridge (1050 Massachusetts Avenue, Cambridge, Mass. 02138) National Bureau of Economic Research 1988 Cambridge (1050 Massachusetts Avenue, Cambridge, Mass. 02138) Cambridge (1050 Massachusetts Avenue, Cambridge, Mass. 02138) National Bureau of Economic Research 1 online resource (39, [16] pages) 1 online resource (39, [16] pages) Text txt rdacontent computer c rdamedia online resource cr rdacarrier NBER working paper series ; working paper no. 2480 "January 1988." Includes bibliographical references (pages 9-15) This paper attempts to provide an evaluation of both strengths and weaknesses of the real business cycle (RBC) approach to the analysis of macroeconomic fluctuations. It begins with a description of the basic analytical structure typically employed, one in which individual households make consumption and labor supply decisions while producing output from capital and labor inputs, hired on competitive markets, according to a technology that is subject to stochastic shocks. It then explores conditions on parameter values that are needed for a model of this type to yield fluctuations that provide a good quantitative match to those observed in the postwar U.S. quarterly data. The plausibility of the hypothesis that (unobservable) aggregate technology shocks have the requisite variability is considered and problems with certain cross correlations are noted. Relevant evidence obtained by formal econometric methods is summarized and a few tentative conclusions regarding business cycle research are suggested Business cycles- Mathematical models Cycles économiques- Modèles mathématiques Business cycles- Mathematical models. Macroeconomics and Monetary Economics. National Bureau of Economic Research Print version McCallum, Bennett T. Real business cycle models. Cambridge (1050 Massachusetts Avenue, Cambridge, Mass. 02138) : National Bureau of Economic Research, 1988 (OCoLC)17536695 Working paper series (National Bureau of Economic Research) working paper no. 2480