Testing real business cycle models in an emerging economy

One of the most dynamic areas of macroeconomic research in recent decades is that of real business cycle (RBC) models. Since the seminal work by Kydland and Prescott (1982), a number of papers have tested the ability of neoclassical general equilibrium models to account for economic fluctuations. Th...

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Autores principales:	Bergoeing, Raphael, Soto, Raimundo
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	CICLOS ECONÓMICOS MACROECONOMÍA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3698
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spelling	oai-20.500.12580-36982021-04-24T10:30:16Z Testing real business cycle models in an emerging economy Bergoeing, Raphael Soto, Raimundo CICLOS ECONÓMICOS MACROECONOMÍA One of the most dynamic areas of macroeconomic research in recent decades is that of real business cycle (RBC) models. Since the seminal work by Kydland and Prescott (1982), a number of papers have tested the ability of neoclassical general equilibrium models to account for economic fluctuations. The original framework of Kydland and Prescott has been extended to include labor market rigidities (Hansen, 1985), taxes and government expenditures (McGrattan, 1994b), money and inflation (Cooley and Hansen, 1995), open economies (Backus, Kehoe, and Kydland, 1995), and increasing returns to scale in production (Weber, 2000). Each of these extensions successfully solves the limitations of calibrated models in replicating particularities of the data, and they provide rich explanations of business cycles, albeit at the cost of increasing complexity. 2019-11-01T00:02:54Z 2019-11-01T00:02:54Z 2005 Artículo 956-7421-21-8 https://hdl.handle.net/20.500.12580/3698 eng Series on Central Banking, Analysis, and Economic Policies, no. 9 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 221-260 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	CICLOS ECONÓMICOS MACROECONOMÍA
spellingShingle	CICLOS ECONÓMICOS MACROECONOMÍA Bergoeing, Raphael Soto, Raimundo Testing real business cycle models in an emerging economy
description	One of the most dynamic areas of macroeconomic research in recent decades is that of real business cycle (RBC) models. Since the seminal work by Kydland and Prescott (1982), a number of papers have tested the ability of neoclassical general equilibrium models to account for economic fluctuations. The original framework of Kydland and Prescott has been extended to include labor market rigidities (Hansen, 1985), taxes and government expenditures (McGrattan, 1994b), money and inflation (Cooley and Hansen, 1995), open economies (Backus, Kehoe, and Kydland, 1995), and increasing returns to scale in production (Weber, 2000). Each of these extensions successfully solves the limitations of calibrated models in replicating particularities of the data, and they provide rich explanations of business cycles, albeit at the cost of increasing complexity.
format	Artículo
author	Bergoeing, Raphael Soto, Raimundo
author_facet	Bergoeing, Raphael Soto, Raimundo
author_sort	Bergoeing, Raphael
title	Testing real business cycle models in an emerging economy
title_short	Testing real business cycle models in an emerging economy
title_full	Testing real business cycle models in an emerging economy
title_fullStr	Testing real business cycle models in an emerging economy
title_full_unstemmed	Testing real business cycle models in an emerging economy
title_sort	testing real business cycle models in an emerging economy
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3698
work_keys_str_mv	AT bergoeingraphael testingrealbusinesscyclemodelsinanemergingeconomy AT sotoraimundo testingrealbusinesscyclemodelsinanemergingeconomy
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Testing real business cycle models in an emerging economy

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