Testing real business cycle models in an emerging economy

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dc.contributor.authorBergoeing, Raphael
dc.contributor.authorSoto, Raimundo
dc.date.accessioned2019-11-01T00:02:54Z
dc.date.available2019-11-01T00:02:54Z
dc.date.issued2005
dc.descriptionOne of the most dynamic areas of macroeconomic research in recent decades is that of real business cycle (RBC) models. Since the seminal work by Kydland and Prescott (1982), a number of papers have tested the ability of neoclassical general equilibrium models to account for economic fluctuations. The original framework of Kydland and Prescott has been extended to include labor market rigidities (Hansen, 1985), taxes and government expenditures (McGrattan, 1994b), money and inflation (Cooley and Hansen, 1995), open economies (Backus, Kehoe, and Kydland, 1995), and increasing returns to scale in production (Weber, 2000). Each of these extensions successfully solves the limitations of calibrated models in replicating particularities of the data, and they provide rich explanations of business cycles, albeit at the cost of increasing complexity.
dc.file.nameBCCh-sbc-v09-p221_260
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 221-260
dc.identifier.isbn956-7421-21-8
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3698
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking, Analysis, and Economic Policies, no. 9
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectCICLOS ECONÓMICOSes_ES
dc.subjectMACROECONOMÍAes_ES
dc.titleTesting real business cycle models in an emerging economy
dc.type.docArtículo

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