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
Econometrica 50(6), November 1982, pp. 1345–1369
chapter 4|14 pages
Theory Ahead of Business Cycle Measurement*
Federal Reserve Bank of Minneapolis Quarterly Review 10(4), Fall 1986, pp. 9–22
chapter 5|5 pages
Some Skeptical Observations on Real Business Cycle Theory *
Federal Reserve Bank of Minneapolis Quarterly Review 10(4), Fall 1986, pp. 23–27
chapter 6|6 pages
Response to a Skeptic
Federal Reserve Bank of Minneapolis Quarterly Review 10(4), Fall 1986, pp. 28–33
chapter 7|38 pages
Production, Growth and Business Cycles I. The Basic Neoclassical Model
Journal of Monetary Economics 21(2), March 1988, pp. 195–232
part III|69 pages
Some extensions
chapter 8|19 pages
Indivisible Labor and The Business Cycle
Journal of Monetary Economics 16(3), November 1985, pp. 309–328
chapter 9|11 pages
The Labor Market in Real Business Cycle Theory *
Federal Reserve Bank of Minneapolis Quarterly Review, Spring 1992, pp. 2–12
chapter 10|21 pages
Current Real-Business-Cycle Theories and Aggregate Labor-Market Fluctuations
American Economic Review 82(3), June 1992, 430–450
chapter 11|16 pages
The Inflation Tax in a Real Business Cycle Model
American Economic Review 79(4), September 1989, pp. 733–748
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 *
Scandinavian Journal of Economics 93(2), 1991, pp. 161–178
chapter 13|17 pages
The Computational Experiment: An Econometric Tool
Journal of Economic Perspectives 10(1), Winter 1996, pp. 69–86
chapter 14|18 pages
The Empirical Foundations of Calibration
Journal of Economic Perspectives 10(1), Winter 1996, pp. 87–104
chapter 15|20 pages
Facts and Artifacts: Calibration and the Empirical Assessment of Real-Business-Cycle Models
Oxford Economic Papers 47(1), March 1995, pp. 24–44
part V|87 pages
The critique of calibration methods
chapter 16|7 pages
Calibration as Testing: Inference in Simulated Macroeconomic Models
Journal of Business and Economic Statistics, 9(3), July 1991, pp. 297–303
chapter 17|31 pages
Measures of Fit for Calibrated Models
Journal of Political Economy 101(6), December 1993, pp. 1011–1041
chapter 18|22 pages
Statistical Inference in Calibrated Models
Journal of Applied Econometrics 9, 1994, pp. 123–144
chapter 19|25 pages
Sensitivity Analysis and Model Evaluation in Simulated Dynamic General Equilibrium Economies *
International Economic Review 36(2), May 1995, pp. 477–501
part VI|159 pages
Testing the real business cycle model
chapter 20|16 pages
Business Cycles: Real Facts and a Monetary Myth *
Federal Reserve Bank of Minneapolis Quarterly Review 14(2), Spring 1990, pp. 3–18
chapter 21|32 pages
Time-to-Build and Aggregate Fluctuations: Some New Evidence *
International Economic Review 30(4), November 1989, pp. 889-920
chapter 22|31 pages
Evaluating a real business cycle model
C. Hargreaves (ed.) Nonstationary Time Series Analysis and Cointegration Oxford: Oxford University Press, 1994, pp. 225-255
chapter 23|34 pages
Real business cycles and the test of the Adelmans *
Journal of Monetary Economics 33(2), April 1989, pp. 405-438
chapter 24|17 pages
Calibration and Real Business Cycle Models: An Unorthodox Experiment *
Journal of Macroeconomics 19(1), Winter 1997,
pp. 1-17
chapter 25|20 pages
Real business-cycle theory * : Wisdom or whimsy?
Journal of Economic Dynamics and Control 15(4),
October 1991, 607-626
chapter 26|7 pages
Did Technology Shocks Cause the 1990–1991 Recession?
American Economic Review 83(2), May 1993, pp. 280-286
part VII|50 pages
The Solow residual
chapter 27|9 pages
Technical Change and the Aggregate Production Function*
Review of Economics and Statistics 39(3), August 1957, pp. 312-320
chapter 28|12 pages
Real Business Cycles: A New Keynesian Perspective
Journal of Economic Perspectives 3(3), Summer 1989, pp. 79–90
chapter 29|7 pages
The Discovery of the Residual: A Historical Note
Journal of Economic Literature 34(3), September 1996, pp. 1324–1330
chapter 30|20 pages
Output Dynamics in Real-Business-Cycle Models
American Economic Review 85(3), June 1995, pp. 492–511
part VIII|61 pages
Filtering and detrending
chapter 31|16 pages
Postwar U.S. Business Cycles: An Empirical Investigation
Journal of Money, Credit and Banking 29(1), February 1997, pp. 1–16
chapter 32|17 pages
Detrending, Stylized Facts and the Business Cycle
Journal of Applied Econometrics 8(3), 1993, pp. 231–247
chapter 33|26 pages
Effects of the Hodrick-Prescott filter on trend and difference stationary time series Implications for business cycle research
Journal of Economic Dynamics and Control 19(1-2), January-February 1995, pp. 253–278
