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Business Cycles : Fact, Fallacy And Fantasy.

Author: Altug Sumru G.
Publisher: World Scientific 2009.
Edition/Format:   eBook : Document : EnglishView all editions and formats
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)  Read more...
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Details

Genre/Form: Electronic resource
Electronic books
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Altug Sumru G.
ISBN: 1282760378 9781282760370 9789812832788 9812832785
OCLC Number: 729020432
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.

Abstract:

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.

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