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来源类型Working Paper
规范类型报告
DOI10.3386/w22663
来源IDWorking Paper 22663
Accounting for Business Cycles
Pedro Brinca; V. V. Chari; Patrick J. Kehoe; Ellen McGrattan
发表日期2016-09-26
出版年2016
语种英语
摘要We elaborate on the business cycle accounting method proposed by Chari, Kehoe, and McGrattan (2007), clear up some misconceptions about the method, and then apply it to compare the Great Recession across OECD countries as well as to the recessions of the 1980s in these countries. We have four main findings. First, with the notable exception of the United States, Spain, Ireland, and Iceland, the Great Recession was driven primarily by the efficiency wedge. Second, in the Great Recession, the labor wedge plays a dominant role only in the United States, and the investment wedge plays a dominant role in Spain, Ireland, and Iceland. Third, in the recessions of the 1980s, the labor wedge played a dominant role only in France, the United Kingdom, Belgium, and New Zealand. Finally, overall in the Great Recession the efficiency wedge played a more important role and the investment wedge played a less important role than they did in the recessions of the 1980s.
主题Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Money and Interest Rates
URLhttps://www.nber.org/papers/w22663
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/580335
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GB/T 7714
Pedro Brinca,V. V. Chari,Patrick J. Kehoe,et al. Accounting for Business Cycles. 2016.
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