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来源类型Working Paper
规范类型报告
DOI10.3386/w24741
来源IDWorking Paper 24741
Evolution of Modern Business Cycle Models: Accounting for the Great Recession
Patrick J. Kehoe; Virgiliu Midrigan; Elena Pastorino
发表日期2018-06-25
出版年2018
语种英语
摘要Modern business cycle theory focuses on the study of dynamic stochastic general equilibrium models that generate aggregate fluctuations similar to those experienced by actual economies. We discuss how this theory has evolved from its roots in the early real business cycle models of the late 1970s through the turmoil of the Great Recession four decades later. We document the strikingly different pattern of comovements of macro aggregates during the Great Recession compared to other postwar recessions, especially the 1982 recession. We then show how two versions of the latest generation of real business cycle models can account, respectively, for the aggregate and the cross-regional fluctuations observed in the Great Recession in the United States.
主题Macroeconomics ; Macroeconomic Models ; Business Cycles ; Monetary Policy ; Fiscal Policy
URLhttps://www.nber.org/papers/w24741
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/582413
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Patrick J. Kehoe,Virgiliu Midrigan,Elena Pastorino. Evolution of Modern Business Cycle Models: Accounting for the Great Recession. 2018.
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