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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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Related research

Keywords: Business Cycle Accounting; Business Cycle Moments;

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References

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  1. NUTAHARA Kengo & INABA Masaru, 2008. "On Equivalence Results in Business Cycle Accounting," Discussion papers 08015, Research Institute of Economy, Trade and Industry (RIETI).
  2. Masaru Inaba & Kengo Nutahara, 2012. "An application of business cycle accounting with misspecified wedges," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(2), pages 265-269, April.
  3. Keisuke Otsu, 2011. "Accounting for Japanese Business Cycles: A Quest for Labor Wedges," Studies in Economics 1106, Department of Economics, University of Kent.
  4. Keiichiro Kobayashi & Masaru Inaba, 2006. "Business cycle accounting for the Japanese economy," 2006 Meeting Papers 313, Society for Economic Dynamics.
  5. Keisuke Otsu, 2010. "International Business Cycle Accounting," Studies in Economics 1010, Department of Economics, University of Kent.
  6. Ruy Lama, 2009. "Accounting for Output Drops in Latin America," IMF Working Papers 09/67, International Monetary Fund.
  7. Simona E. Cociuba & Alexander Ueberfeldt, 2008. "Driving forces of the Canadian economy: an accounting exercise," Globalization and Monetary Policy Institute Working Paper 06, Federal Reserve Bank of Dallas.
  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, vol. 10(1), pages 1-39, July.
  9. Sustek, Roman, 2009. "Monetary Business Cycle Accounting," MPRA Paper 17518, University Library of Munich, Germany.
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