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Real business-cycle realizations

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  • Smith, Gregor W.
  • Zin, Stanley E.

Abstract

Much recent business cycle research focuses on moments of macroeconomic aggregates. We construct examples of real business cycle sample paths for output, consumption, and employment for the U.S. economy. Annual sample paths are generated from an initial condition in 1925, measured technology and government spending shocks since then, and a standard, calibrated, one-sector model of the business cycle. Quarterly sample paths are generated similarly, from an initial condition in 1955. The law of motion for shocks is not parametrized and so decision-rules are estimated by GMM. We compare the paths with actual history graphically and by spectral methods.

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Bibliographic Info

Article provided by Elsevier in its journal Carnegie-Rochester Conference Series on Public Policy.

Volume (Year): 47 (1997)
Issue (Month): 1 (December)
Pages: 243-280

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Handle: RePEc:eee:crcspp:v:47:y:1997:i::p:243-280

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Cited by:
  1. Federico Ravenna, 2006. "Vector autoregressions and reduced form representations of DSGE models," Banco de Espa�a Working Papers 0619, Banco de Espa�a.
  2. William Blankenau & M. Ayhan Kose & Kei-Mu Yi, 1999. "Can world real interest rates explain business cycles in a small open economy?," Staff Reports 94, Federal Reserve Bank of New York.
  3. Letendre, Marc-Andre, 2004. "Semi-parametric predictions of the intertemporal approach to the current account," Journal of International Economics, Elsevier, vol. 64(2), pages 363-386, December.
  4. William Blankenau and M. Ayhan Kose, 2001. "How different is the cyclical behavior of home production across countries?," Computing in Economics and Finance 2001 117, Society for Computational Economics.
  5. Sustek, Roman, 2009. "Monetary Business Cycle Accounting," MPRA Paper 17518, University Library of Munich, Germany.
  6. Ireland, Peter N., 2001. "Technology shocks and the business cycle: On empirical investigation," Journal of Economic Dynamics and Control, Elsevier, vol. 25(5), pages 703-719, May.
  7. Letendre, Marc-Andre & Smith, Gregor W., 2001. "Precautionary saving and portfolio allocation: DP by GMM," Journal of Monetary Economics, Elsevier, vol. 48(1), pages 197-215, August.
  8. M. Ayhan Kose & Bill Blankenau & Kei-Mu Yi, 1999. "World Real Interest Rates and Business Cycles in Open Economies: a Multiple Shock Approach," Computing in Economics and Finance 1999 1232, Society for Computational Economics.

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