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Can real equilibrium models account for the fluctuations of the UK business cycle?

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Abstract

The aim of this paper is to test if RBC models can reproduce the fluctuations observed in UK macroeconomic series. Four Equilibrium Business Cycle models will be studied: Hansen (1985), Christiano and Eichenbaum (1992), Burnside et al. (1993) and Fairise and Langot (1994). Following the approach of the Equilibrium Business Cycle Theory, this paper studies whether or not the simulated series from RBC models replicate the volatility, relative volatility, and correlation of UK macroeconomic series. Papers in the literature report only a few second order moments. The present paper presents a wider range of cross correlations of the series. The results highlight the strengths of some of the models, and point deficiencies yet to be corrected if RBC models are to be successful.

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Bibliographic Info

Paper provided by National Institute of Economic and Social Research in its series NIESR Discussion Papers with number 211.

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Date of creation: Jan 1998
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Handle: RePEc:nsr:niesrd:211

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Cited by:
  1. Benjamin H. Liebman & Kara M. Reynolds, 2009. "Innovation Through Protection: Does Safeguard Protection Increase Investment in R and D?," Working Papers 2009-18, American University, Department of Economics.
  2. Mark Rogers, 2010. "R&D and productivity: using UK firm-level data to inform policy," Empirica, Springer, vol. 37(3), pages 329-359, July.
  3. Subal C. Kumbhakar & Raquel Ortega-Argilés & Lesley Potters & Marco Vivarelli & Peter Voigt, 2010. "Corporate R&D and firm efficiency: Evidence from Europe’s top R&D investors," JRC-IPTS Working Papers on Corporate R&D and Innovation 2010-11, Institute of Prospective Technological Studies, Joint Research Centre.
  4. Raquel Ortega-Argilés & Lesley Potters & Marco Vivarelli, 2011. "R&D and productivity: testing sectoral peculiarities using micro data," Empirical Economics, Springer, vol. 41(3), pages 817-839, December.
  5. Ben Zina, Tarek & Ben Zina, Naceur, 2006. "Complementarity or substitutability between private and public investment in R&D: An empirical study," MPRA Paper 3929, University Library of Munich, Germany, revised 28 Jan 2007.
  6. Bettina Becker & Stephen Hall, 2013. "Do R&D strategies in high-tech sectors differ from those in low-tech sectors? An alternative approach to testing the pooling assumption," Economic Change and Restructuring, Springer, vol. 46(2), pages 183-202, May.
  7. Francesco Aiello & Paola Cardamone, 2010. "Regional Economic Divide And The Role Of Technological Spillovers In Italy. Evidence From Microdata," Working Papers 201010, Università della Calabria, Dipartimento di Economia, Statistica e Finanza (Ex Dipartimento di Economia e Statistica).
  8. Davis, Nick, 2006. "Business R&D, Innovation and Economic Growth: An Evidence-Based Synthesis of the Policy Issues," Occasional Papers 06/8, Ministry of Economic Development, New Zealand.
  9. Massimiliano Mazzanti & Valeria Costantini & Susanna Mancinelli & Massimilano Corradini, 2011. "Environmental and Innovation Performance in a Dynamic Impure Public Good Framework," Working Papers 201117, University of Ferrara, Department of Economics.
  10. Paola Cardamone, 2012. "A micro-econometric analysis of the role of R&D spillovers using a nonlinear translog specification," Journal of Productivity Analysis, Springer, vol. 37(1), pages 41-58, February.

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