Real Business Cycles: A Reader

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Psychology Press, 1998 - Business & Economics - 669 pages
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Real Business Cycle theory combines the remains of monetarism with the new classical macroeconomics, and has become one of the dominant approaches within contemporary macroeconomics today. This volume presents:
* the authoritative anthology in RBC. The work contains the major articles introducing and extending the theory as well as critical literature
* an extensive introduction which contains an expository summary and critical evaluation of RBC theory
* comprehensive coverage and balance between seminal papers and extensions; proponents and critics; and theory and empirics.
Macroeconomics is a compulsory element in most economics courses, and this book will be an essential guide to one of its major theories.
  

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Contents

The Limits of Business Cycle Research
3
Fabio Canova Statistical inference in calibrated models
18
A historical
29
A Users Guide to Solving Real Business Cycle Models
43
Gary D Hansen and Randall Wright The labor market
54
Finn E Kydland and Edward C Prescott Time to build
57
Edward C Prescott Theory ahead of business cycle
83
Lawrence H Summers Some skeptical observations
97
Some
289
Allan W Gregory and Gregor W Smith Calibration
295
Mark W Watson Measures of fit for calibrated models
302
Fabio Canova M Finn and A R Pagan Evaluating a real
431
James E Hartley Kevin D Salyer and Steven M Sheffrin
496
Wisdom
513
Gary D Hansen and Edward C Prescott Did technology
533
A new Keynesian
552

Robert G King Charles I Plosser and Sergio T Rebelo
108
Lawrence J Christiano and Martin Eichenbaum Current
179
Thomas F Cooley and Gary D Hansen The inflation
200
The methodology of equilibrium business cycle models
217
Finn E Kydland and Edward C Prescott The computational
237
Lars Peter Hansen and James J Heckman The empirical
254
Calibration and
272
Timothy Cogley and James M Nason Output dynamics
571
Robert J Hodrick and Edward C Prescott Postwar
593
A C Harvey and A Jaeger Detrending stylized facts and
609
Timothy Cogley and James M Nason Effects of the Hodrick
626
Index
652
Copyright

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About the author (1998)

Hartley is of Mount Holyoke College.

Kevin D. Hoover is Professor of Economics and Philosophy at Duke University. A graduate of the College of William and Mary, he received his doctorate from the University of Oxford. He developed his interest in applied macroeconomics early in his career while working at the Federal Reserve Bank of San Francisco. Before moving to Duke, Hoover taught economics at the University of California, Davis, and at Oxford. He is the author of The New Classical Macroeconomics (1988), Causality in Macroeconomics (Cambridge University Press, 2001) and The Methodology of Empirical Macroeconomics (Cambridge University Press, 2001), as well as nine edited volumes and more than 100 academic articles on macroeconomics, monetary economics, econometrics, the methodology and philosophy of economics, and the history of economic thought. He is past chairman of the International Network for Economic Method, the past president of the History of Economics Society and a former editor of the Journal of Economic Methodology. He is currently the editor of the journal History of Political Economy and a Fellow of the Center for the History of Political Economy at Duke University.

Salyer is of the University of California, Davis.

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