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Real business cycles: a legacy of countercyclical policies?

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  • Satyajit Chatterjee

Abstract

If business cycles are caused mostly by changes in productivity, rather than by monetary and financial disturbances, what role do monetary and fiscal policies play? In this article, Satyajit Chatterjee discusses the possibility that countercyclical monetary and fiscal policies have played an important role in reducing the severity of business cycles since World War II but that additional countercyclical policies that try to offset movements in productivity aren't likely to be beneficial

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Bibliographic Info

Article provided by Federal Reserve Bank of Philadelphia in its journal Business Review.

Volume (Year): (1999)
Issue (Month): Jan ()
Pages: 17-27

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Handle: RePEc:fip:fedpbr:y:1999:i:jan:p:17-27

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Keywords: Business cycles;

References

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  1. Plosser, C.I., 1989. "Understanding Real Business Cycles," Papers, Rochester, Business - General 89-03, Rochester, Business - General.
  2. Balke, Nathan S & Gordon, Robert J, 1989. "The Estimation of Prewar Gross National Product: Methodology and New Evidence," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(1), pages 38-92, February.
  3. Edward C. Prescott, 1986. "Theory ahead of business cycle measurement," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Fall, pages 9-22.
  4. Satyajit Chatterjee, 1995. "Productivity growth and the American business cycle," Business Review, Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia, issue Sep, pages 13-22.
  5. Zarnowitz, Victor, 1992. "Business Cycles," National Bureau of Economic Research Books, University of Chicago Press, number 9780226978901, March.
  6. Kydland, Finn E & Prescott, Edward C, 1991. "Hours and Employment Variation in Business Cycle Theory," Economic Theory, Springer, Springer, vol. 1(1), pages 63-81, January.
  7. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, Econometric Society, vol. 50(6), pages 1345-70, November.
  8. Long, John B, Jr & Plosser, Charles I, 1983. "Real Business Cycles," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 91(1), pages 39-69, February.
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Cited by:
  1. César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2012. "Do Good Institutions Promote Counter-Cyclical Macroeconomic Policies?," Documentos de Trabajo, Instituto de Economia. Pontificia Universidad Católica de Chile. 419, Instituto de Economia. Pontificia Universidad Católica de Chile..
  2. Apergis, Nicholas & Miller, Stephen, 2004. "Macroeconomic rationality and Lucas' misperceptions model: further evidence from 41 countries," Journal of Economics and Business, Elsevier, Elsevier, vol. 56(3), pages 227-241.
  3. Stephen A. Pyhrr & Stephen E. Roulac & Waldo L. Born, 1999. "Real Estate Cycles and Their Strategic Implications for Investors and Portfolio Managers in the Global Economy," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 18(1), pages 7-68.
  4. Satyajit Chatterjee, 2000. "From cycles to shocks: progress in business-cycle theory," Business Review, Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia, issue Mar, pages 27-37.
  5. Nicholas Apergis & Stephen M. Miller, 2007. "Total Factor Productivity and Monetary Policy: Evidence from Conditional Volatility," Working papers, University of Connecticut, Department of Economics 2007-06, University of Connecticut, Department of Economics.
  6. Nicholas Aspergis & Stephen M. Miller, 2003. "Macroeconomic Rationality and Lucas' Misperceptions Model: Further Evidence from Forty-One Countries," Working papers, University of Connecticut, Department of Economics 2003-26, University of Connecticut, Department of Economics.
  7. David B. Gordon & Eric M. Leeper, 2005. "Are Countercyclical Fiscal Policies Counterproductive?," NBER Working Papers 11869, National Bureau of Economic Research, Inc.

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  1. Austrian business cycle theory in Wikipedia English ne '')
  2. Escuela austríaca in Wikipedia Spanish ne '')

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