Journal article
Keynesian impulses versus Solow residuals: identifying sources of business cycle fluctuations
Journal of applied econometrics (Chichester, England), Vol.15(3), pp.311-329
05/2000
DOI: 10.1002/1099-1255(200005/06)15:3<311::AID-JAE557>3.0.CO;2-L
Abstract
We employ a neoclassical business-cycle model to study two sources of business-cycle fluctuations: marginal efficiency of investment shocks, and total factor productivity shocks. The parameters of the model are estimated using a Bayesian procedure that accommodates prior uncertainty about their magnitudes; from these estimates, posterior distributions of the two shocks are obtained. The postwar US experience suggests that both shocks are important in understanding fluctuations, but that total factor productivity shocks are primarily responsible for beginning and ending recessions.
Details
- Title: Subtitle
- Keynesian impulses versus Solow residuals: identifying sources of business cycle fluctuations
- Creators
- David N. DeJong - University of PittsburghBeth F. Ingram - University of IowaCharles H. Whiteman - University of Iowa
- Resource Type
- Journal article
- Publication Details
- Journal of applied econometrics (Chichester, England), Vol.15(3), pp.311-329
- DOI
- 10.1002/1099-1255(200005/06)15:3<311::AID-JAE557>3.0.CO;2-L
- ISSN
- 0883-7252
- eISSN
- 1099-1255
- Publisher
- John Wiley & Sons, Ltd
- Number of pages
- 19
- Language
- English
- Date published
- 05/2000
- Academic Unit
- Economics
- Record Identifier
- 9984962550602771
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