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The Limits of Business Cycle Research: Assessing the Real Business Cycle Model

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  • Hartley, James E
  • Hoover, Kevin D
  • Salyer, Kevin D

Abstract

The real business cycle model dominates business cycle research in the new classical tradition. Typically, real business cycle modelers both offer the bold conjecture that business cycles are equilibrium phenomena driven by technology shocks and also novel strategies for assessing the success of the model. This article critically examines the real business model and the assessment strategy, surveys the literature supporting and opposing the model, and evaluates the evidence on the empirical success of the model. It argues that, on the preponderance of the evidence, the real business cycle model is refuted. Copyright 1997 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 13 (1997)
Issue (Month): 3 (Autumn)
Pages: 34-54

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Handle: RePEc:oup:oxford:v:13:y:1997:i:3:p:34-54

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Web page: http://oxrep.oupjournals.org/

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Cited by:
  1. Edoardo Gaffeo & Domenico Delli Gatti & Saul Desiderio & Mauro Gallegati, 2008. "Adaptive Microfoundations for Emergent Macroeconomics," Eastern Economic Journal, Palgrave Macmillan, vol. 34(4), pages 441-463.
  2. Sussmuth, Bernd, 2003. "Modeling the synchronization of sectoral investment cycles on the base of informational externalities," Structural Change and Economic Dynamics, Elsevier, vol. 14(1), pages 35-54, March.
  3. Pedro Garcia Duarte, 2011. "Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics," Working Papers, Department of Economics 2011_02, University of São Paulo (FEA-USP).
  4. Luca Pensieroso, 2007. "Real Business Cycle Models Of The Great Depression: A Critical Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(1), pages 110-142, 02.
  5. Pacheco Jiménez, J.F., 2001. "Business cycles in small open economies: the case of Costa Rica," ISS Working Papers - General Series 19075, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
  6. Pillai N., Vijayamohanan, 2008. "In Quest of Truth: The War of Methods in Economics," MPRA Paper 8866, University Library of Munich, Germany.

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