Bullard, James Brian (contributor); Singh, Aarti (contributor) - 2007
a standard equilibrium business cycle
model with technology following an unobserved regime-switching
process. After 1984 … economy is in a recession or in an
expansion based on observable data since the two phases of the business
cycle are less … equilibrium
business cycle literature, thus providing a benchmark, while the estimated case has the
advantage that the technology …