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How well can business cycle accounting account for business cycles?

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  • Keisuke Otsu

    ()
    (University of Kent)

Abstract

The business cycle accounting method introduced by Chari, Kehoe and McGrattan (2007) is a useful tool to decompose business cycle fluctuations into their contributing factors. However, the model estimated by the maximum likelihood method cannot replicate business cycle moments computed from data. Moment-based estimation might be an attractive alternative if the purpose of the research is to study business cycle properties such as volatility, persistence and cross-correlation of variables instead of a specific business cycle episode.

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File URL: http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I2-P172.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 32 (2012)
Issue (Month): 2 ()
Pages: 1774-1784

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Handle: RePEc:ebl:ecbull:eb-11-00864

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Keywords: Business Cycle Accounting; Business Cycle Moments;

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  1. Roman Sustek, 2011. "Monetary Business Cycle Accounting," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 14(4), pages 592-612, October.
  2. Keisuke Otsu, 2011. "Accounting for Japanese Business Cycles: A Quest for Labor Wedges," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, Institute for Monetary and Economic Studies, Bank of Japan, vol. 29, pages 143-170, November.
  3. Keisuke Otsu, 2010. "International Business Cycle Accounting," Studies in Economics, Department of Economics, University of Kent 1010, Department of Economics, University of Kent.
  4. Keiichiro Kobayashi & Masaru Inaba, 2005. "Business Cycle Accounting for the Japanese Economy," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 05023, Research Institute of Economy, Trade and Industry (RIETI).
  5. Simona E. Cociuba & Alexander Ueberfeldt, 2008. "Driving Forces of the Canadian Economy: An Accounting Exercise," Working Papers, Bank of Canada 08-14, Bank of Canada.
  6. Ruy Lama, 2009. "Accounting for Output Drops in Latin America," IMF Working Papers 09/67, International Monetary Fund.
  7. NUTAHARA Kengo & INABA Masaru, 2011. "An Application of Business Cycle Accounting with Misspecified Wedges," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 11005, Research Institute of Economy, Trade and Industry (RIETI).
  8. Otsu Keisuke, 2010. "A Neoclassical Analysis of the Asian Crisis: Business Cycle Accounting for a Small Open Economy," The B.E. Journal of Macroeconomics, De Gruyter, De Gruyter, vol. 10(1), pages 1-39, July.
  9. NUTAHARA Kengo & INABA Masaru, 2008. "On Equivalence Results in Business Cycle Accounting," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 08015, Research Institute of Economy, Trade and Industry (RIETI).
  10. Masaru Inaba & Kengo Nutahara, 2012. "Online Appendices to "An application of business cycle accounting with misspecified wedges"," Technical Appendices, Review of Economic Dynamics 08-173, Review of Economic Dynamics.
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