The determinants of UK business cycles
Article Abstract:
An extended neoclassical stochastic growth model employed to interpret UK business cycles developed estimates of productivity and preference shocks that are both highly persistent, volatile and potentially capable of determining UK business cycles. Simulations revealed that in combination with a neoclassical growth model, these shocks can match UK business cycles. The estimated productivity term is not anticipated by an extensive range of demand side variables, including fiscal and monetay policy instruments.
Publication Name: Economic Journal
Subject: Economics
ISSN: 0013-0133
Year: 1998
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An alternative explanation of the price puzzle
Article Abstract:
The paper offers to explain the frequent appearance of a price puzzle in monetary price analysis. An econometrician follows common practice of including only output in the Vector Auto Regression (VAR). However, when the model is tested on U.S. data, all predictions are supported, and a commodity price index is unnecessary.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2004
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