Business Cycles: Real Facts and a Monetary Myth
نویسندگان
چکیده
منابع مشابه
Monetary Shocks, Agency Costs and Business Cycles
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank...
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movements of money and prices, appear to be business cycle myths. In contrast to conventional wisdom, they argue that the price level (whether measured by the implicit GNP deflator or by the consumer price index), is countercyclical. Although the monetary base and M1 are both procyclical, neither leads the cycle. This evidence counters Mankiw’s (1989) criticism of real business cycle models on ...
متن کاملStylized Facts About US Business Cycles
This document details several stylized facts about post-war US macroeconomic data. When evaluating dynamic economic models, it is always important to keep in mind the stylized facts we want those models to be able to reproduce. The data used in this document are publicly available. The NIPA data were downloaded from the St. Louis Fed FRED website. The employment and population data are from unp...
متن کاملReal Business Cycles Theory
Research on economic fluctuations has progressed rapidly since Robert Lucas revived the profession’s interest in business cycle theory. Business cycle theory is the theory of the nature and causes of economic fluctuations The new Classical paradigm tried to account for the existence of cycles in perfectly competitive economies with rational expectations. It emphasized the role of imperfect info...
متن کاملReal Business Cycles
A. Topics and Tools ............................................................................ 1 B. Walrasian vs. Keynesian Explanations of Business Cycles ........................ 3 Why do we have multiple theories of business cycles? ....................................................... 3 Classification of business-cycle models ................................................................
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ژورنال
عنوان ژورنال: Quarterly Review
سال: 1990
ISSN: 0271-5287
DOI: 10.21034/qr.1421