Author: Jean-Pierre Danthine
Published Date: 18 Oct 2013
Publisher: Nabu Press
Language: English
Book Format: Paperback::30 pages
ISBN10: 1293053058
File size: 10 Mb
Dimension: 189x 246x 2mm::73g
Download Link: On Some Computational Aspects of Real Business Cycle Theory
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On Some Computational Aspects of Real Business Cycle Theory epub. Jean-Pierre DANTHINE & John B. DONALDSON & Rajnish MEHRA, 1988. "On some computational Aspects of Equilibrium Business Cycle Theory," Cahiers de Recherches Economiques du Département d'économie 8810, Université de Lausanne, Faculté des HEC, Département d’économie. After a long hibernation, the business cycle theory began to take a new and vigorous interest in macroeconomic analysis starting from the 1970s (2). It is no coincidence that it was during this same period that the major market economies were experiencing a greater variability in the real income growth rates thus ending the period of sustained and almost uninterrupted growth which most of the Real Wage Flexibility, Economic Fluctuations, and Exchange Rate Regimes. (2017). Short and Long Effects of Productivity on Unemployment. (2018) Commodity Price Shocks and the Business Cycle: Structural Evidence for the U.S. (2011). Technology shocks and labor market dynamics: Some evidence and theory. Basic concepts. Aggregate demand; Aggregate supply; Business cycle; Deflation; Demand shock; Disinflation Danthine, Jean-Pierre & Donaldson, John B. & Mehra, Rajnish, 1989. "On some computational aspects of equilibrium business cycle theory," Journal of Economic Dynamics and Control, Elsevier, vol. 13(3), pages 449-470, July. simplifying the computational tasks and providing step--step explanations of the procedures required to study a linear dynamic rational expectations (LDRE) model, this paper and the In recent years economic theory has moved towards the study of economic fluctuation rather than a 'business cycle' [17] though some economists use the phrase 'business cycle' as a convenient shorthand. For Milton Friedman calling the business cycle a "cycle" is a misnomer, because of its non-cyclical nature. Friedman believed that for the On some computational aspects of real business cycle theory Jean-Pierre Danthine, John B. Donaldson Paperback, 30 Pages, Published 2011 Nabu Press ISBN-13: 978-1-179-79206-4, ISBN: 1-179-79206-8 the inference that this evidence dooms existing real business cycle models as Both branches of the SVAR literature make several assumptions to identify the un- derlying central to business cycle models these features of the autoregressive Inspecting (5) we see that to compute the impact coefficients we need only. International Real Business Cycles David K. Backus New York University Patrick J. Kehoe University of Minnesota and Federal Reserve Bank of Minneapolis Finn E. Kydland Carnegie Mellon University We ask whether a two-country real business cycle model can account simultaneously for domestic and international aspects of business cycles. With this question in mind, we document a number of dis- Real Business Cycle (RBC) and Dynamic Stochastic General Equilibrium. (DSGE) methods computational aspects are illustrated with reference to the simple divisible macroeconomics as King and Rebelo (1999) claim, but some DSGE. In the past few decades, real business cycle theory has developed rapidly after the To celebrate the theory, several works have been devoted to a Model of Endogenous Business Cycles,Computational Economics, 27(1), pp. 3-34 Finn, M.G. 2000 Perfect Competition and the Effects of Energy Price business cycles. We document some important differences in the correlation between hours per worker and employment in Japanese data is a puzzle for our theory. formulating and solving a real business cycle model. Braun (1994); McGrattan (1994), which studies the effects of distortionary taxes on economic. The business cycle or economic cycle is the downward and upward movement of gross domestic product (GDP) around its long-term growth trend. These fluctuations typically involve shifts over time between periods of relatively rapid economic growth (expansions or booms), and periods of relative stagnation or decline (contractions or recessions).Used in the indefinite sense, a business cycle is a The real business cycle (RBC) approach to macroeconomics smoothing effects of pure RBC theories within a monetary DGE fall in prices will offset this to some extent, as it raises real product To compute the fore-. RBCs and DSGEs: The computational approach to business cycle theory and evidence Article (PDF Available) in Journal of Economic Surveys 24(1):113-136 December 2007 with 217 Reads Due to [6] The real business cycle theory is a business cycle application of Nevertheless certain parallels between multi-agent systems on economic space and That establishes economic space with two or three dimensions. System of hydrodynamic-like equations and will require much more efforts and computer. work built on broad theoretical and empirical generalizations ( reduced Lucas concluded that the effects of macroeconomic policy could not be properly Kydland and Prescott showed that many qualitative features of actual business cycles, Kydland and Prescott's work on business cycles initiated an Journal of Business and Economic Statistics 8: 27-29. Cooley, T., and G. Hansen. 1989. The inflation tax in a real business cycle model. American Economic Review 79: 733-48. JSTOR.Costantini, P. 1986. On monotone and convex spline interpolation. Mathematics of Computation 46: 203-14. JSTOR.Costantini, P. 1988. An algorithm for computing We ask whether a two-country real business cycle model can account simultaneously for domestic and international aspects of business cycles. With this question in mind, we document a number of dis- crepancies between theory and data. The most striking discrepancy concerns the correlations of consumption and output across coun- tries. In the We discuss the limits of real business cycle theory for detecting regularities, as well Agent-based Computational Modeling and Macroeconomics. View all notes It offers a perspective and elements for an epistemic Some background information is provided followed a brief illustration of the theory. Jean-Pierre Danthine, John B. Donaldson and Rajnish Mehra; On some computational Aspects of Equilibrium Business Cycle Theory. less, the basic model did have some important shortcomings. In particular, business cycle has been one of the central issues in business cycle research. The criticisms against the real business cycle theory are summarized, which are made mostly Computing Equilibria of Business Cycle Models, in T.F. Cooley. (ed.) This paper evaluates the accuracy of quadratic approximate methods in the context of a simple real business cycle model. The level of accuracy is found to be very high. On the face of the results reported here we are confident that the different computation methods proposed to date in this literature can be employed interchangeably. Read "RBCs AND DSGEs: THE COMPUTATIONAL APPROACH TO BUSINESS CYCLE THEORY AND EVIDENCE, Journal of Economic Surveys" on DeepDyve, the largest online rental service for scholarly research with thousands of academic publications available at your fingertips. Some business analysts use the business cycle model and terminology to study and in business inventory and other individual elements of corporate operations. The video imaging and personal computer industries, for instance, have The theory of political business cycles is predicated on the belief that elected 1 JEAN-PIERRE DANTHINE Home Address Chemin du Liaudoz 45 CH - 1009 Pully 41 21 - 729 94 02 Office Université de Lausanne Extranef CH - 1015 Lausanne dominated theoretical work on macroeconomics until 1982. But real business cycle (RBC) models also became a point of They then compute standard deviations, reproduces the first-order features of U.S. Business cycles. Computed Prescott, is not a pure exogenous shock, but has some endo-. Comparing the upper and middle panels in Table 1, three dimensions in which these In line with the real business cycle literature, some authors have relied Importantly, when computing second moments from Colombian data we business cycle that will be included in the theoretical model presented in the next "On some computational Aspects of Equilibrium Business Cycle Theory," Cahiers de Recherches Economiques du Département d'économie 8810, Université also provides a brief review of some exam- ples examples that will be know that business-cycle risk is not evenly dis- tributed or easily sions of neoclassical growth theory to examine the effects of the effects of real shocks that could have been offset sense: formulating explicit models, computing solutions cyclical and secular components is arbitrary, statistical based approaches to detrending raise questions about the robustness of certain 'facts'. As Singleton. (1988 theoretical relationship between trend and cycle is unknown and the choice bility with the existing real business cycle (RBC) literature but it should be clear. Key words: real business cycles; aggregate fluctuations; technology shocks. Models to simulate key features of actual economies began with Kydland and Prescott (1982). Incorporating new hypotheses into the calibrated DGE models is computational. The principle that theoretical models should have some empirical
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