| Description |
1 online resource (160) |
| Contents |
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 |
| Summary |
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 been the issue of "matching" a business cycle to the data. In their original contribution, Kydland and Prescott (1982) proposed the method of calibration as a way of examining the implications of a business cycle model; yet, even at its inception, this approach came under criticism from a variety o |
| Subject |
Business cycles.
|
|
Business cycles
|
| Form |
Electronic book
|
| ISBN |
1282760378 |
|
9781282760370 |
|
9789812832788 |
|
9812832785 |
|
