Arbeitspapier
On the sources of business cycles: Implications for DSGE models
What are the drivers of business cycle fluctuations? And how many are there? By documenting strong and predictable co-movement of real variables during the business cycle in a sample of advanced economies, we argue that most business cycle fluctuations a re d riven b y o ne major factor. The positive co-movement of real output and inflation convincingly argues for a demand story. This feature - robust across time and space - provides a simple smell test for structural macroeconomic models. We propose a simple statistic that can compare data and models. Based on this statistic, we show that the recent vintage of structural economic models has difficulties replicating the stylized facts we document.
- ISBN
-
978-92-899-2782-6
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 2058
- Klassifikation
-
Wirtschaft
Econometric and Statistical Methods and Methodology: General
Business Fluctuations; Cycles
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
- Thema
-
Business cycle
demand shocks
dynamic principal component analysis
DSGE models
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Andrle, Michal
Brůha, Jan
Solmaz, Serhat
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2017
- DOI
-
doi:10.2866/105933
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Andrle, Michal
- Brůha, Jan
- Solmaz, Serhat
- European Central Bank (ECB)
Entstanden
- 2017
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