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Business Cycles : Fact, Fallacy And Fantasy.

This book provides an overview of the modern theory and empirics of business cycles. Written by one of the pioneering authors in this field, it examines the notion of a business cycle and discusses alternative approaches to modeling. Arguably, one of the most important debates in this literature has...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Formato: Electrónico eBook
Idioma:Inglés
Publicado: World Scientific 2009.
Temas:
Acceso en línea:Texto completo

MARC

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505 0 |a Cover13; -- Contents -- Preface -- 1. Introduction -- 2. Facts -- 2.1. Defining a Business Cycle -- 2.2. Stylized Facts -- 2.3. The Euro Area Business Cycle -- 2.4. Is There aWorld Business Cycle? -- 2.5. Historical Business Cycles -- 3. Models of Business Cycles -- 3.1. An RBC Model -- 3.2. A Numerical Solution -- 3.3. Initial Criticisms -- 3.4. 8220;Puzzles8221; -- 3.4.1. A Model with Indivisible Labor Supply -- 3.4.2. The Productivity Puzzle -- 3.4.3. Reverse Causality -- 3.5. The Source of the Shocks -- 3.5.1. Investment-Specific Technological Shocks -- 3.5.2. Energy Shocks -- 4. International Business Cycles -- 4.1. Facts -- 4.2. The Role of International Risk Sharing -- 4.2.1. Pareto Optimal Allocations -- 4.2.2. Complete Contingent Claims -- 4.2.3. No Asset Trading -- 4.2.4. Nonspecialization in Endowments -- 4.2.5. Nontraded Goods -- 4.2.6. Trade in Equity Shares -- 4.2.7. Limited Risk Sharing -- 4.3. Other Extensions -- 4.4. Puzzles Revisited -- 5. New Keynesian Models -- 5.1. The Basic Model -- 5.2. Empirical Evidence -- 6. Business Cycles in Emerging Market Economies -- 6.1. A Small Open-Economy Model of Emerging Market Business Cycles -- 6.2. Do Shocks to Trend Productivity Explain Business Cycles in Emerging Market Economies? -- 7. Matching the Model to the Data -- 7.1. Dynamic Factor Analysis -- 7.1.1. Measures of Fit for Calibrated Models -- 7.1.2. Other Applications -- 7.2. GMM Estimation Approaches -- 7.3. The Calibration versus Estimation Debate -- 7.3.1. The Dynamics of Output -- 7.3.2. Calibration as Estimation -- 7.3.3. Nonlinearity in Macroeconomic Time Series -- 7.3.4. The Debate Reconsidered -- 7.4. DSGE Modeling -- 8. Future Areas for Research -- Bibliography -- Index. 
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