Business Cycle Fluctuations and Excess Sensitivity of Private Consumption
β Scribed by GERT PEERSMAN; LORENZO POZZI
- Book ID
- 111058223
- Publisher
- John Wiley and Sons
- Year
- 2008
- Tongue
- English
- Weight
- 138 KB
- Volume
- 75
- Category
- Article
- ISSN
- 0013-0427
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π SIMILAR VOLUMES
We employ a neoclassical business-cycle model to study two sources of business-cycle Β―uctuations: marginal eciency 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 magnitud
## Abstract The ability of Markovβswitching (MS) autoregressive models to replicate selected classical business cycle features found in US postβwar consumption, investment and output is compared to that of linear models. Univariate MS models appear to offer more dynamically parsimonious representat