Real Business Cycle Realizations

Gregor Smith and Stanley Zin

No 1253, Working Paper from Economics Department, Queen's University

Abstract: Much recent business cycle research focuses on moments of macroeconomic aggregates. We construct examples of real business cycle sample paths for output, consumption, and employment for the U.S. economy. Annual sample paths are generated from an initialcondition in 1925, measured technology and government spending shocks since then, and a standard, calibrated, one-sector model of the business cycle. Quarterly sample paths are generated similarly, from an initial condition in 1955. The law of motion for shocks is not parametrized and so decision-rules are estimated by GMM. We compare the paths with actual history graphically and by spectral methods.

Keywords: real business cycles; Solow residuals; US business cycle history (search for similar items in EconPapers)
JEL-codes: E27 E32 (search for similar items in EconPapers)
Pages: 42 pages
Date: 1997-08
References: Add references at CitEc
Citations: View citations in EconPapers (8)

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https://www.econ.queensu.ca/sites/econ.queensu.ca/files/qed_wp_1253.pdf First version 1997 (application/pdf)

Related works:
Journal Article: Real business-cycle realizations (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:1253

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