Do Equilibrium Real Business Cycle Theories Explain Post-War U.S. Business Cycles?

Author / Creator

Eichenbaum, Martin S

Available as

Online

Summary

Abstract: This paper presents and interprets some rw evidence on the validity of. Abstract: the Real Business Cycle approach to business cycle analysis. The analysis is. Abstract: conducted in the ...

Abstract: This paper presents and interprets some rw evidence on the validity of.

Abstract: the Real Business Cycle approach to business cycle analysis. The analysis is.

Abstract: conducted in the context of a nnetary business cycle model which makes.

Abstract: explicit one potential link between monetary policy and real allocations.

Abstract: This model is used to interpret Granger causal relations between nominal and.

Abstract: real aggregates. Perhaps the nost striking empirical finding is that money.

Abstract: growth does not Granger cause output growth in the context of several.

Abstract: multivariate VARs and for various sample periods during the post war period in.

Abstract: the U.S. Several possible reconciliations of this finding with both real and.

Abstract: monetary business cycles models are discussed. We find that it is difficult.

Abstract: to reconcile our npirical results with the view that exogenous monetary.

Abstract: shocks were an important independent source of variation in output growth.

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