By Sumru G. Altug

ISBN-10: 9812832769

ISBN-13: 9789812832764

This booklet offers an outline of the fashionable thought and empirics of industrial cycles. Written by means of one of many pioneering authors during this box, it examines the idea of a enterprise cycle and discusses replacement methods to modeling. Arguably, essentially the most vital debates during this literature has been the difficulty of matching a company cycle to the information. of their unique contribution, Kydland and Prescott (1982) proposed the tactic of calibration as a fashion of analyzing the consequences of a company cycle version; but, even at its inception, this strategy got here less than feedback from a number of resources. This monograph will study a few of these criticisms and speak about replacement techniques which were recommend. extra usually, it's going to speak about what lies forward for contemporary company cycle conception.

  • Facts
  • Models of commercial Cycles
  • International enterprise Cycles
  • New Keynesian versions
  • Business Cycles in rising industry Economies
  • Matching the version to the information
  • Future components for learn

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Additional resources for Business Cycles: Fact, Fallacy and Fantasy

Example text

This is an issue that has been contested in the business cycle literature. Critics of the RBC approach argue that there are endogenous components to the fluctuations in the Solow residual, rendering the RBC interpretation invalid. 2. A NUMERICAL SOLUTION We now provide a numerical solution to further illustrate the properties of the standard RBC model. We implement a quadratic approximation procedure that was initially suggested by Kydland and Prescott [141], and convert the original nonlinear dynamic optimization procedure to one which has a quadratic objective and linear constraints (see also Christiano [64]).

However, in sync with Artis et al. [20], they find evidence on the emergence of two cyclically coherent groups, the eurozone countries and English-speaking countries (including Canada, the UK, and the US). Stock and Watson [199] also seek to provide evidence on the sources of the changes, namely, do they arise from changes in the magnitudes of the shocks or the nature of the propagation mechanism? Are the sources of the changes domestic or international? To answer these questions, they use a socalled factor-structural vector autoregression (FSVAR), which is specified in terms of the growth rates of quarterly GDP for the G7 countries.

In the interwar and post-Bretton Woods era, more than half of all national business cycles become positively related to each other. The key finding is that during the classical gold standard, cycles were, on average, uncorrelated October 9, 2009 15:12 9in x 6in Facts b808-ch02 31 with each other; whereas beginning with the interwar period, they started becoming synchronized with each other. The authors also examine standard output correlations, which measure the magnitude as well as the direction of output changes.

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Business Cycles: Fact, Fallacy and Fantasy by Sumru G. Altug


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