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The RBC Models through Statistical Inference: An Application with French Data

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  • Feve, Patrick
  • Langot, Francois

Abstract

The aim of this paper is to evaluate the capacity of RBC models to mimic the French business cycle. We are thus led to investigate the three following assumptions on the labour market: (1) the non-time separability of leisure, (2) the indivisibility of labour and (3) the imperfect information on labour market and time-varying effort. Using the General Method of Moments, we estimate the structural parameters and we test (1) the model's hypothesis using a set of overidentifying restrictions and (2) the model's implications, i.e. its ability to reproduce the cyclical features of the French economy. Copyright 1994 by John Wiley & Sons, Ltd.

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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 9 (1994)
Issue (Month): S (Suppl. December)
Pages: S11-35

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Handle: RePEc:jae:japmet:v:9:y:1994:i:s:p:s11-35

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Cited by:
  1. Luis Puch & Omar Licandro, . "Are there any special features in the Spanish business cycles?," Working Papers 97-06, FEDEA.
  2. Collard, Fabrice & de la Croix, David, 1996. "Gift exchange and the business cycle: the fair wage strikes back," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1997008, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 00 Apr 1997.
  3. Croix,David,de la & Palm,Franz & Urbain,Jean-Pierre, 1996. "Labor market dynamics when effort depends on wage growth comparisons," Research Memoranda 016, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
  4. Alfonso Novales, 2002. "The Role of Simulation Methods in Macroeconomics," Documentos del Instituto Complutense de Análisis Económico 0227, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
  5. Paccagnini, Alessia, 2010. "DSGE Model Validation in a Bayesian Framework: an Assessment," MPRA Paper 24509, University Library of Munich, Germany.
  6. Theodoridis, Konstantinos, 2011. "An efficient minimum distance estimator for DSGE models," Bank of England working papers 439, Bank of England.
  7. Meenagh, David & Minford, Patrick & Theodoridis, Konstantinos, 2008. "Testing a Model of the UK by the Method of Indirect Inference," CEPR Discussion Papers 6849, C.E.P.R. Discussion Papers.
  8. Fabio Canova & Eva Ortega, 1996. "Testing calibrated general equilibrium models," Economics Working Papers 166, Department of Economics and Business, Universitat Pompeu Fabra.
  9. Touhami Abdelkhalek & Jean-Marie Dufour, 1998. "Statistical Inference For Computable General Equilibrium Models, With Application To A Model Of The Moroccan Economy," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 520-534, November.

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