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Real Business Cycle Realizations

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Author Info

  • Gregor W. Smith

    ()
    (Queen's University)

  • Stanley E. Zin

    ()
    (Carnegie Mellon University)

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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File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_1253.pdf
File Function: First version 1997
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Bibliographic Info

Paper provided by Queen's University, Department of Economics in its series Working Papers with number 1253.

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Length: 42 pages
Date of creation: Aug 1997
Date of revision:
Publication status: forthcoming in Carnegie Rochester Conference Papers on Public Policy
Handle: RePEc:qed:wpaper:1253

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Related research

Keywords: real business cycles; Solow residuals; US business cycle history;

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Cited by:
  1. Blankenau, William & Kose, M. Ayhan, 2007. "How Different Is The Cyclical Behavior Of Home Production Across Countries?," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 11(01), pages 56-78, February.
  2. Blankenau, William & Ayhan Kose, M. & Yi, Kei-Mu, 2001. "Can world real interest rates explain business cycles in a small open economy?," Journal of Economic Dynamics and Control, Elsevier, vol. 25(6-7), pages 867-889, June.
  3. Roman Sustek, 2011. "Monetary Business Cycle Accounting," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 14(4), pages 592-612, October.
  4. 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.
  5. M-A. Letendre, 2002. "Semi-Parametric Predictions of the Intertemporal Approach to the Current Account," Department of Economics Working Papers 2002-01, McMaster University.
  6. Federico Ravenna, 2005. "Vector Autoregressions and Reduced Form Representations of DSGE Models," 2005 Meeting Papers 841, Society for Economic Dynamics.
  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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