Asymmetric Fluctuations with a Stochastic Growth

Chang Kon Choi
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Chang Kon Choi: Chonbuk National University

Korean Economic Review, 1997, vol. 13, issue 2, 75-90

Abstract: Assuming a stochastic trend, the asymmetric structure of business cycles is ex-amined whether downturns are less frequent and more severe than upturns. The results indicate that the old observation about asymmetric fluctuations is empiri-cally true while for some variables, asymmetric frequency is found to be weak. We examine the passibility that an equilibrium business cycle model subject to a stochastic growth assumption am generate the observed third moments. The results are not satisfactory in matching the third moments and suggest a direction for future research of real business cycle theory.

Keywords: Third Moments; Asymmetric Fluctuations; Stochastic Growth (search for similar items in EconPapers)
JEL-codes: E32 (search for similar items in EconPapers)
Date: 1997
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