Download The Dynamics of Business Cycles: Stylized Facts, Economic by Michael Reiter PDF

By Michael Reiter

This examine is a revised model of my doctoral dissertation on the Economics division of the college of Munich. i would like to take the chance to precise my gratitude to a couple those that have helped me in my paintings. My maximum thank you visit the manager of this dissertation, Professor Claude Billinger. Bis principles have shaped the root of my paintings. Be completely sup­ ported it with a bunch of principles, feedback and encouragement. in addition, he supplied a stimulating examine setting at SEMECON. This research wouldn't have been attainable during this shape with out the aid of my current and previous colleagues at SEMECON. i'm indebted to Rudolf Kohne-Volland, Monika Sebold-Bender and Ulrich Woitek for offering tender­ ware and tips for the knowledge research. Discussions with them and with Thilo Weser have helped me to take many hurdles, quite within the early levels of the venture. My honest thank you visit all of them. I had the chance to give a former model of my progress version at a workshop of Professor Klaus Zimmermann. i need to thank all of the parti­ cipants for his or her important reviews. I additionally recognize serious and confident reviews from an nameless referee. desk of Contents creation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 half I. technique 1. significance of Stylized evidence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . nine 1.1 barriers of statistical trying out. . . . . . . . . . . . . . . . . . . . . . . . . . nine 1.2 comparing fiscal versions. . . . . . . . . . . . . . . . . . .. . . . eleven . . . . . . 2. additional Methodological matters . . . . . . . . . . . . . . . . . .. . . . thirteen . . . . . .

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Additional resources for The Dynamics of Business Cycles: Stylized Facts, Economic Theory, Econometric Methodology and Applications

Example text

Firms' decisions on raw materials and work in progress are probably based on (S,s)-strategies. However, new ideas about the determination of the (time-varying) upper and lower bounds are necessary. This was shown under very general conditions by Caballero and Engel (1991). If individuals behave accord- 58 5. SOA Models ing to traditional, time-independent (S,s)-rules, the economy converges to an equilibrium which is equivalent, in the aggregate, to an economy in which all individuals adjust their stocks without friction.

As in the equipment model, a specification for the desired level of inventories must be developed. Because inventories can be built up or diminished much faster than fixed capital, they react to short-run fluctuations of demand. 1). 14), showing the interaction of the equipment and the inventory cycle. Final sales Z are split into Ie and Zr. The variable Zr is called residual demand and is treated here as exogenous5 . 15b) The analysis of the model is postponed to the next section, when it has its final form.

Diff. PIep Diff. Po12 b Sec. diff. 111 2 a Differences, linearly detrended Differences, detrended by second order polynomial b and quadratically detrended first differences are similar to those for the HPfilter, while linearly detrended first differences are different. These examples do not decide the difficult issue of detrending these price data, but it seems justified, for the purposes of the present study, to use the data detrended by the HP-filter. 44 4. 5 Relationship between real and nominal variables A result of the last subsection was that prices and their respective quantities behave very similarly.

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