منابع مشابه
Business Cycle Accounting
This paper proposes a simple method for guiding researchers in developing quantitative models of economic fluctuations. We show that a large class of models, including models with various frictions, are equivalent to a prototype growth model with time varying wedges that, at least on face value, look like time-varying productivity, labor taxes, and capital income taxes. We label the time varyin...
متن کاملBusiness Cycle Accounting of the Indian Economy
Can we use neoclassical growth model to single out the important transmission channels through which primitives a¤ected the Indian economy and caused the remarkable growth of the period 1982 to 2002? In this paper, we answer the question by applying the new technique of business cycle accounting to the Indian economy. Business cycle accounting procedure is based on the idea that primitives a¤ec...
متن کاملNber Working Paper Series Business Cycle Accounting
The authors thank the National Science Foundation for support. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research. All rights reserved. Short sections of text, not to exceed ...
متن کاملTwo Flaws In Business Cycle Accounting∗
Using ‘business cycle accounting’ (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not warranted. First, small changes in the implementation of BCA overturn CKM’s conclusions. Second, one ...
متن کاملComparing Alternative Representations, Methodologies, and Decompositions in Business Cycle Accounting
We make three comparisons relevant for the business cycle accounting approach. We show that in theory representing the investment wedge as a tax on investment is equivalent to representing this wedge as a tax on capital income as long as the probability distributions over this wedge in the two representations are the same. In practice, convenience dictates that the underlying probability distri...
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ژورنال
عنوان ژورنال: Econometrica
سال: 2007
ISSN: 0012-9682,1468-0262
DOI: 10.1111/j.1468-0262.2007.00768.x