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Real-Business-Cycle Models and the Forecastable Movements in Output, Hours, and Consumption

✍ Scribed by Julio J. Rotemberg and Michael Woodford


Book ID
125661885
Publisher
American Economic Association
Year
1996
Tongue
English
Weight
492 KB
Volume
86
Category
Article
ISSN
0002-8282

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## Abstract The ability of Markov‐switching (MS) autoregressive models to replicate selected classical business cycle features found in US post‐war consumption, investment and output is compared to that of linear models. Univariate MS models appear to offer more dynamically parsimonious representat