Stylized Facts About US Business Cycles
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چکیده
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 The employment and population data are from unpublished BLS data available on Valerie Rameys website. The NIPA data are available at a quarterly frequency beginning in 1947q1 and continuing through 2009. The employment and population data begin in 1948 and end in 2007. All data are seasonally adjusted and are expressed as natural logs. A starting point is to note that there has been substantial population growth. Growth in economic aggregates due to population growth is beyond the purview of modern macroeconomics. Below is a plot of the (log) of the adult population across time:
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