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Business Cycles With A Common Trend in Neutral and Investment-Specific Productivity

Schmitt-Grohé, Stephanie - 2010

investment-specific productivity. We document that in U.S. postwar quarterly data total factor productivity (TFP) and the … relative price of investment are cointegrated. We show theoretically that TFP and the relative price of investment are … cointegrated if and only if neutral and investment-specific productivity share a common stochastic trend. We econometrically …

Persistent link: https://www.econbiz.de/10012462583

Real Business Cycles in Emerging Countries?

García-Cicco, Javier - 2006

We use more than one century of Argentine and Mexican data to estimate the structural parameters of a small-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at explaining business cycles in emerging countries. We then...

Persistent link: https://www.econbiz.de/10012466032

Real Business Cycles in Emerging Countries : The Role of Nonlinearity

Noh, Sanha - 2020

We investigate a real business cycle (RBC) model with financial frictions for a small open economy by estimating the model solved up to the second order. The higher-order approximation more closely approximates the original model than the linear approximation. In this paper, we evaluate the...

Persistent link: https://www.econbiz.de/10012831540