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On the sources of business cycles: implications for DSGE models
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| Personen und Körperschaften: | , , |
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| Titel: | On the sources of business cycles: implications for DSGE models/ Michal Andrle, Jan Brůha, Serhat Solmaz |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2017]
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| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2058 (May 2017)
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| Schlagwörter: | |
| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | What are the drivers of business cycle fluctuations? And how many are there? By documenting strong and predictable co-movement of real variables during the business cycle in a sample of advanced economies, we argue that most business cycle fluctuations a re d riven b y o ne major factor. The positive co-movement of real output and inflation convincingly argues for a demand story. This feature - robust across time and space - provides a simple smell test for structural macroeconomic models. We propose a simple statistic that can compare data and models. Based on this statistic, we show that the recent vintage of structural economic models has difficulties replicating the stylized facts we document. |
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| Umfang: | 1 Online-Ressource (circa 43 Seiten); Illustrationen |
| ISBN: |
9789289927826
9289927828 |
| DOI: | 10.2866/105933 |