Creator: McGrattan, Ellen R. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 370 Abstract:
Real business cycles are recurrent fluctuations in an economy’s incomes, products, and factor inputs—especially labor—that are due to nonmonetary sources. These sources include changes in technology, tax rates and government spending, tastes, government regulation, terms of trade, and energy prices. Most real business cycle (RBC) models are variants or extensions of a neoclassical growth model. One such prototype is introduced. It is then shown how RBC theorists, applying the methodology of Kydland and Prescott (Econometrica 1982), use theory to make predictions about actual time series. Extensions of the prototype model, current issues, and open questions are also discussed.
关键词: Total factor productivity, Competitive equilibrium, Household budget constraint, Real exchange rates, Technology shocks, Stochastic growth models, Markov processes, International business cycles, Stabilization policies, Research and development, Productivity shocks, Labour-market search, Home production, Real business cycles, and Labour supply 学科: D40 - Market Structure, Pricing, and Design: General and D10 - Household Behavior: General