MARC Record from Scriblio

LEADER: 02189cam 22003137a 4500
001 2005615763
003 DLC
005 20050128105117.0
007 cr |||||||||||
008 050118s2004 mau sb 000 0 eng
010 $a 2005615763
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aChari, V. V.
245 10 $aBusiness cycle accounting$h[electronic resource] /$cV.V. Chari, Patrick J. Kehoe, Ellen McGrattan.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2004.
490 1 $aNBER working paper series ;$vworking paper 10351
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 1/18/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"We propose and demonstrate a simple method for guiding researchers in developing quantitative models of economic fluctuations. We show that a large class of models are equivalent to a prototype growth model with time-varying wedges that resemble time-varying productivity, labor taxes, and capital income taxes. We use data to measure these wedges, called efficiency, labor, and investment wedges, and then feed their measured values back into the model. We assess the fraction of fluctuations in output, employment, and investment accounted for by these wedges during the Great Depression and the 1982 recession. For the Depression, the efficiency and labor wedges together account for essentially all of the fluctuations; investment wedges play no role. For the recession, the efficiency wedge plays the most important role; the other two, minor roles. These results are not sensitive to alternative measures of capital utilization or alternative labor supply elasticities"--National Bureau of Economic Research web site.
650 0 $aBusiness cycles$xEconometric models.
700 1 $aKehoe, Patrick J.
700 1 $aMcGrattan, Ellen R.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 10351.
856 40 $uhttp://papers.nber.org/papers/W10351