Permanent and Transitory Components in Macroeconomics

Marco Lippi and Lucrezia Reichlin

Chapter 13 in Business Cycles, 1991, pp 331-367 from Palgrave Macmillan

Abstract: Abstract The Keynesian approach to macroeconomics, which prevailed until the end of the 1960s, distinguished quite neatly between those forces that drive the economic system along its long-run path and forces causing fluctuations around that path. Macroeconomists were mainly concerned with these latter, and since excessive fluctuations were considered as undesirable, or even politically and socially dangerous, the most important aim was to provide suitable techniques to reduce their amplitude.

Keywords: Random Walk; Spectral Density; Business Cycle; Unit Root; Total Factor Productivity (search for similar items in EconPapers)
Date: 1991
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DOI: 10.1007/978-1-349-11570-9_13

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