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Tuning in RBC growth spectra
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SYSNO ASEP 0469946 Document Type V - Research Report R&D Document Type O - Ostatní Title Tuning in RBC growth spectra Author(s) Benk, S. (US)
Csabafi, T. (US)
Dang, J. (CN)
Gillman, M. (DE)
Kejak, Michal (NHU-N) RID, ORCIDIssue data Washington: International Monetary Fund, 2016 Series IMF Working Paper Series number WP/16/215 Number of pages 52 s. Language eng - English Country US - United States Keywords real business cycles ; amplification ; growth persistence Subject RIV AH - Economics OECD category Economic Theory Institutional support NHU-N - RVO:67985998 Annotation For US postwar data, the paper explains central consumption, labor, investment and output correlations and volatilities along with output growth persistence by including a human capital investment sector and a variable physical capital utilization rate. Strong internal “amplication” results from an economy-wide productivity shock across goods and human capital investment sectors that has variances 10,000 fold smaller than in the standard RBC TFP shock. Simulated moments are compared to data moments for the business cycle, the low frequency and the Medium Cycle frequency, as well as the high frequency. A metric is provided to gauge that the results have an average of 46% deviation of simulated moments from data moments, for a broad array of targets across all windows. Within this array, key correlations have only a 15% deviation in the business cycle window, and growth persistence only an 8% deviation in the low frequency, which indicates good “propagation”. Countercyclic human capital investment time and procyclic physical capital capacity utilization rates are also found as in data. Workplace Economics Institute Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2019
Number of the records: 1