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Business Cycle Accounting
Open accessAbstract
We propose a simple method to help researchers develop quantitative models of economic fluctuations.The method rests on the insight that many models are equivalent to a prototype growth model with time-varying wedges which resemble productivity, labor and investment taxes, and government consumption.Wedges corresponding to these variables --effciency, labor, investment, and government consumption wedges --are measured and then fed back into the model in order to assess the fraction of various fluctuations they account for.Applying this method to U.S. data for the Great Depression and the 1982 recession reveals that the effciency and labor wedges together account for essentially all of the fluctuations; the investment wedge plays a decidedly tertiary role, and the government consumption wedge, none.Analyses of the entire postwar period and alternative model specifications support these results.Models with frictions manifested primarily as investment wedges are thus not promising for the study of business cycles.
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Cites
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression
Bernanke, B. (1983) · National Bureau of Economic Research · doi:10.3386/w1054 · Cited by 2,173
Cited by
Chari, V. V., Kehoe, P. J., & McGrattan, E. R. (2007) · Econometrica · doi:10.1111/j.1468-0262.2007.00768.x · Cited by 874
Self-citationMarkups, Gaps, and the Welfare Costs of Business Fluctuations
Galí, J., Gertler, M., & López-Salido, J. D. (2007) · Review of Economics and Statistics · doi:10.1162/rest.89.1.44 · Cited by 462
(2013) · Econometrica · doi:10.3982/ecta10008 · Cited by 389
Metadata
- Authors
- Chari, V. V., Kehoe, P., & McGrattan, E.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2004-03
- OpenAlex
- W4300996190
- Cited by
- 190
- References
- 2
- Type
- report
- Language
- en
- Open access
- green
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