Chapter 14 Resuscitating real business cycles

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1、Chapter14RESUSCITATINGREALBUSINESSCYCLESROBERTG.KINGUniversityofVirginiaandNBERSERGIOT.REBELONorthwesternUniversityandNBERContentsAbstract928Keywords9281.Introduction9292.Stylizedfactsofaggregateactivity9312.1.MeasuringbusinesscycleswiththeHPfilter9322.2.Som

2、estylizedfactsofUSbusinesscycles9342.3.Somestylizedfactsofeconomicgrowth9412.4.Implicationsofstylizedfacts9413.Thebasicneoclassicalmodel9423.1.Thestructure9423.2.Steady-stategrowthandtransformingtheeconomy9443.3.Optimalcapitalaccumulation9463.4.Thenatureofth

3、esteadystate9473.5.Transitionaldynamics9483.6.The(Un)importanceofcapitalformation9503.7.Constructingdynamicstochasticmodels9514.TheRealBusinessCycleshock9524.1.Thedrivingprocess9524.2.Calibratingandsolvingthemodel9534.3.Businesscyclemoments9564.3.1.Simulatio

4、nsofUSbusinesscycles9584.4.Theimportanceofcapitalaccumulation9604.5.Earlysuccessesandcriticisms960WebenefitedfromthecommentsoftheeditorsaswellasfromthoseofRuiAlbuquerque,RobertBarro,MarianneBaxter,SatyajitChatterjee,AubhikKhan,DanieleCoenPirani,HenrySiu,Juli

5、aThomas,andMichelleZaharchuk.DorseyFarrprovideddetailedcommentsandexcellentresearchassistance.SupportfromtheNationalScienceFoundationisgratefullyacknowledged.HandbookofMacroeconomics,Volume1,EditedbyJ.B.TaylorandM.Woodford©1999ElsevierScienceB.V.Allrightsres

6、erved927928R.G.KingandS.T.Rebelo5.Thecentralroleofproductivityshocks9635.1.Productivityshocksmustbelargeandpersistent9635.2.Theinfluenceofproductivitypersistence9695.3.Whynotothershocks?9736.Extensionsofthebasicneoclassicalmodel9746.1.Thesupplyoflabor9746.1.

7、1.Estimatedandassumedlaborsupplyelasticities9756.1.2.Implicationsofvaryingtheaggregatelaborsupplyelasticity9756.1.3.Modelingtheextensivemargin9766.2.Capacityutilization9807.Remeasuringproductivityshocks9828.Businesscyclesinahighsubstitutioneconomy9848.1.Spec

8、ificationandcalibration9848.2.Simulatingthehighsubstitutioneconomy9868.3.Howdoesthehighsubstitutioneconomywork?9868.4.Whatarethepropertiesoftheshocks?9888.5.Howsensitivearetheresults?9909.Conclu