Measuring business cycles with business-cycle models

Article Abstract:

Business cycle theory is used to measure or define the business-cycle component of the macroeconomic time series. Detrending filters are parametrized to optimize the capability of a business-cycle model to match the moments of the leftover cycles. In the first of two applications to US postwar data, measurement of the cycles is done with a standard, real-business-cycle model. In the other application, measurement is performed through information on capacity utilization and unemployment rates. The properties of the GMM estimators are described using simulation methods.

Measurement, Business cycles

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An analytical approximate solution to the problem of precautionary savings

Article Abstract:

Research was conducted to examine the problem of precautionary savings for an expected utility specification with finite horizon. A simple analytic approximation of the optical consumption path based on a Taylor expansion around the certain equivalent was derived. The approximation was found to be very accurate for realistic values of the parameters of the problem when returns are deterministic and labor income follows an arithmetic random walk.

Savings, Numerical analysis, Stochastic approximation

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Differential savings, factor shares, and endogenous growth cycles

Article Abstract:

The neoclassical one-sector growth model is analyzed.

Neoclassical economics

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