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Real Business Cycles

Book Description

Real Business Cycle theory combines the remains of monetarism with the new classical macroeconomics, and has become one of the dominant approaches within contemporary macroeconomics today. This volume presents:
* the authoritative anthology in RBC. The work contains the major articles introducing and extending the theory as well as critical literature
* an extensive introduction which contains an expository summary and critical evaluation of RBC theory
* comprehensive coverage and balance between seminal papers and extensions; proponents and critics; and theory and empirics.
Macroeconomics is a compulsory element in most economics courses, and this book will be an essential guide to one of its major theories.

Table of Contents

  1. Cover
  2. Title
  3. Copyright
  4. Contents
  5. Acknowledgements
  6. Part I Introduction
    1. 1 The Limits of Business Cycle Research
    2. 2 A User’s Guide to Solving Real Business Cycle Models
  7. Part II The foundations of real business cycle modeling
    1. 3 “Time to build and aggregate fluctuations,” Econometrica 50(6), November 1982, pp. 1345-1369.
    2. 4 “Theory ahead of business cycle measurement,” Federal Reserve Bank of Minneapolis Quarterly Review 10(4), Fall 1986, pp. 9-22.
    3. 5 “Some skeptical observations on real business cycle theory,” Federal Reserve Bank of Minneapolis Quarterly Review 10(4), Fall 1986, pp. 23-27.
    4. 6 “Response to a skeptic,” Federal Reserve Bank of Minneapolis Quarterly Review 10(4), Fall 1986, pp. 28-33.
    5. 7 “Production, growth, and business cycles I: The basic neoclassical model,” Journal of Monetary Economics 21(2), March 1988, pp. 195-232.
  8. Part III Some extensions
    1. 8 “Indivisible labor and the business cycle,” Journal of Monetary Economics 16(3), November 1985, pp. 309-328.
    2. 9 “The labor market in real business cycle theory,” Federal Reserve Bank of Minneapolis Quarterly Review, Spring 1992, pp. 2-12.
    3. 10 “Current real business cycle theories and aggregate labor market fluctuations,” American Economic Review 82(3), June 1992, 430-450.
    4. 11 “The inflation tax in a real business cycle model,” American Economic Review 79(4), September 1989, pp. 733-748.
  9. Part IV The methodology of equilibrium business cycle models
    1. 12 “The econometrics of the general equilibrium approach to business cycles,” Scandinavian Journal of Economics 93(2), 1991, pp. 161-178.
    2. 13 “The computational experiment: An econometric tool,” Journal of Economic Perspectives 10(1), Winter 1996, pp. 69-86.
    3. 14 “The empirical foundations of calibration,” Journal of Economic Perspectives 10(1), Winter 1996, pp. 87-104.
    4. 15 “Facts and artifacts: Calibration and the empirical assessment of real-business-cycle models,” Oxford Economic Papers 47(1), March 1995, pp. 24-44.
  10. Part V The critique of calibration methods
    1. 16 “Calibration as testing: Inference in simulated macroeconomic models,” Journal of Business and Economic Statistics, 9(3), July 1991, pp. 297-303.
    2. 17 “Measures of fit for calibrated models,” Journal of Political Economy 101(6), December 1993, pp. 1011-1041.
    3. 18 “Statistical inference in calibrated models,” Journal of Applied Econometrics 9, 1994, pp. 123-144.
    4. 19 “Sensitivity analysis and model evaluation in simulated dynamic general equilibrium economies,” International Economic Review 36(2), May 1995, pp. 477-501.
  11. Part VI Testing the real business cycle model
    1. 20 “Business cycles: Real facts and a monetary myth,” Federal Reserve Bank of Minneapolis Quarterly Review 14(2), Spring 1990, pp. 3-18.
    2. 21 “Time-to-build and aggregate fluctuations: Some new evidence,” International Economic Review 30(4), November 1989, pp. 889-920.
    3. 22 “Evaluating a real business cycle model,” in C. Hargreaves (ed.) Nonstationary Time Series Analysis and Cointegration. Oxford: Oxford University Press, 1994, pp. 225-255.
    4. 23 “Real business cycles and the test of the Adelmans,” Journal of Monetary Economics 33(2), April 1989, pp. 405-438.
    5. 24 “Calibration and real business cycle models: An unorthodox experiment,” Journal of Macroeconomics 19(1), Winter 1997, pp. 1-17.
    6. 25 “Real business-cycle theory: Wisdom or whimsy,” Journal of Economic Dynamics and Control 15(4), October 1991, 607-626.
    7. 26 “Did technology shocks cause the 1990-1991 recession?” American Economic Review 83(2), May 1993, pp. 280-286.
  12. Part VII The Solow residual
    1. 27 “Technical change and the aggregate production function,” Review of Economics and Statistics 39(3), August 1957, pp. 312-320.
    2. 28 “Real business cycles: A new Keynesian perspective,” Journal of Economic Perspectives 3(3), Summer 1989, pp. 79-90.
    3. 29 “The discovery of the residual: A historical note,” Journal of Economic Literature 34(3), September 1996, pp. 1324-1330.
    4. 30 “Output dynamics in real business cycle models,” American Economic Review 85(3), June 1995, pp. 492-511.
  13. Part VIII Filtering and detrending
    1. 31 “Postwar US business cycles: An empirical investigation,” Journal of Money, Credit and Banking 29(1), February 1997, pp. 1-16.
    2. 32 “Detrending, stylized facts and the business cycle,” Journal of Applied Econometrics 8(3), 1993, pp. 231-247.
    3. 33 “Effects of the Hodrick-Prescott filter on trend and difference stationary time series: Implications for business cycle research,” Journal of Economic Dynamics and Control 19(1-2), January-February 1995, pp. 253-278.
  14. Index