ABSTRACT
Real Business Cycle theory combines the remains of monetarism with the new classical macroeconomics, and has become one of the dominant approaches within contemporary macroeconomics today. This volume presents:
* the authoritative anthology in RBC. The work contains the major articles introducing and extending the theory as well as critical literature
* an extensive introduction which contains an expository summary and critical evaluation of RBC theory
* comprehensive coverage and balance between seminal papers and extensions; proponents and critics; and theory and empirics.
Macroeconomics is a compulsory element in most economics courses, and this book will be an essential guide to one of its major theories.
TABLE OF CONTENTS
part I|54 pages
Introduction
part II|91 pages
The foundations of real business cycle modeling
chapter 3|26 pages
Time to Build and Aggregate Fluctuations
chapter 4|14 pages
Theory Ahead of Business Cycle Measurement*
chapter 5|5 pages
Some Skeptical Observations on Real Business Cycle Theory *
chapter 6|6 pages
Response to a Skeptic
chapter 7|38 pages
Production, Growth and Business Cycles I. The Basic Neoclassical Model
part III|69 pages
Some extensions
chapter 8|19 pages
Indivisible Labor and The Business Cycle
chapter 9|11 pages
The Labor Market in Real Business Cycle Theory *
chapter 10|21 pages
Current Real-Business-Cycle Theories and Aggregate Labor-Market Fluctuations
chapter 11|16 pages
The Inflation Tax in a Real Business Cycle Model
part IV|75 pages
The methodology of equilibrium business cycle models
chapter 12|18 pages
The Econometrics of the General Equilibrium Approach to Business Cycles *
chapter 13|17 pages
The Computational Experiment: An Econometric Tool
chapter 14|18 pages
The Empirical Foundations of Calibration
chapter 15|20 pages
Facts and Artifacts: Calibration and the Empirical Assessment of Real-Business-Cycle Models
part V|87 pages
The critique of calibration methods
chapter 16|7 pages
Calibration as Testing: Inference in Simulated Macroeconomic Models
chapter 17|31 pages
Measures of Fit for Calibrated Models
chapter 18|22 pages
Statistical Inference in Calibrated Models
chapter 19|25 pages
Sensitivity Analysis and Model Evaluation in Simulated Dynamic General Equilibrium Economies *
part VI|159 pages
Testing the real business cycle model
chapter 20|16 pages
Business Cycles: Real Facts and a Monetary Myth *
chapter 21|32 pages
Time-to-Build and Aggregate Fluctuations: Some New Evidence *
chapter 22|31 pages
Evaluating a real business cycle model
chapter 23|34 pages
Real business cycles and the test of the Adelmans *
chapter 24|17 pages
Calibration and Real Business Cycle Models: An Unorthodox Experiment *
chapter 25|20 pages
Real business-cycle theory * : Wisdom or whimsy?
chapter 26|7 pages
Did Technology Shocks Cause the 1990–1991 Recession?
part VII|50 pages
The Solow residual
chapter 27|9 pages
Technical Change and the Aggregate Production Function*
chapter 28|12 pages
Real Business Cycles: A New Keynesian Perspective
chapter 29|7 pages
The Discovery of the Residual: A Historical Note
chapter 30|20 pages
Output Dynamics in Real-Business-Cycle Models
part VIII|61 pages
Filtering and detrending