Harrison, Sharon G.; Weder, Mark - 2009
economy sucessfully
replicates the boom years from
1922-1929.
JEL Classification: E32, N12.
Keywords: Real Business Cycles … period from 1922-1929 there is an almost perfect �t (0.92). Just
like in the data, the model�s 1920s peak is in 1926; and the … estimated TFP shocks lead to arti�cial out-
put series that are highly correlated with the data, especially over the period
1922-1929 …