Recessions and Recoveries in Real Business Cycle Models
The authors evaluate the ability of a simple real business cycle model to generate business cycles in the classical NBER sense of the term, where recessions are periods of absolute declines in economic activity. They use the 'phase' classification of Arthur F. Burns and Wesley C. Mitchell (1946) to determine the 'shape' of the business cycle and to look for asymmetries between expansions and contractions. The authors show that such a model can generate business cycles of plausible duration and depth but cannot match the actual 'shape' of the business cycle. Nonlinear models, such as Milton Friedman's (1993) 'plucking' model may more closely match the observed shape. Copyright 1995 by Oxford University Press.
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Volume (Year): 33 (1995)
Issue (Month): 4 (October)
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