Business cycle measurement with some theory
成果类型：
Article
署名作者：
Canova, Fabio; Paustian, Matthias
署名单位：
University System of Ohio; Bowling Green State University
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.07.005
发表日期：
2011
页码：
345-361
关键词：
摘要：
A method to evaluate cyclical models not requiring knowledge of the DGP and the exact specification of the aggregate decision rules is proposed. We derive robust restrictions in a class of models; use some to identify structural shocks in the data and others to evaluate the class or contrast sub-models. The approach has good properties, even in small samples, and when the class of models is misspecified. The method is used to sort out the relevance of a certain friction (the presence of rule-of-thumb consumers) in a standard class of models. (C) 2011 Elsevier B.V. All rights reserved.
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