We show that one should not use the one-sided Hodrick-Prescott filter (HP-1s) as the real-time version of the two-sided Hodrick-Prescott filter (HP-2s): First, in terms of the extracted cyclical component, HP-1s fails to remove low-frequency fluctuations to the same extent as HP-2s. Second,...

This note critically evaluates the New Classical Macroeconomics from a Marshallian perspective. Revisiting the famous Keynes-Tinbergen controversy, it is argued that Keynes' criticism comprises the "Lucas critique", and that it is misleading to label this a critique of Keynesian economics. The...

This paper empirically investigates and theoretically reflects on the generality of the "stylized facts" discussed in business cycle analysis. Using OECD data for 1960 - 2010, the duration of business cycles as well as three models capturing core macroeconomic relations are estimated: based on...