Journal ArticleDOI
Yrjo Jahnsson Lectures: Models of Business Cycles.
Nigel W. Duck,Robert E. Lucas +1 more
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This article is published in The Economic Journal.The article was published on 1987-09-01. It has received 52 citations till now.read more
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Sectoral shocks and aggregate fluctuations
TL;DR: In this article, a multisector dynamic general equilibrium model of business cycles with a distinctive feature: aggregate fluctuations are driven by independent sectoral shocks is presented, and the model hypothesizes that trade among sectors provides a strong synchronization mechanism for these shocks due to the limited, but locally intense, interaction that is characteristic of such input trade flows.
Posted Content
Learning Asymmetries in Real Business Cycles
Stijn Van Nieuwerburgh,Stijn Van Nieuwerburgh,Stijn Van Nieuwerburgh,Laura Veldkamp,Laura Veldkamp +4 more
TL;DR: When an economic boom ends, the downturn is generally sharp and short as discussed by the authors, whereas when growth resumes, the boom is more gradual than crashes, and the explanation for this pattern rests on learning about productivity.
Journal ArticleDOI
Learning Asymmetries in Real Business Cycles
TL;DR: In this paper, the authors argue that when agents believe productivity is high, they work, invest, and produce more, and when the boom ends, precise estimates of the slowdown prompt decisive reactions: investment and labor fall sharply.
Journal ArticleDOI
How should environmental policy respond to business cycles? Optimal policy under persistent productivity shocks
TL;DR: In this paper, the authors use a dynamic stochastic general equilibrium real business cycle model that includes a pollution externality to estimate the relationship between the cyclical components of carbon dioxide emissions and US GDP and find it to be inelastic.
Book
Monetary Policy in the Euro Area: Strategy and Decision-Making at the European Central Bank
TL;DR: The first comprehensive, inside, non-technical analysis of the monetary policy strategy, institutional features and operational procedures of the Eurosystem was provided by a team at the European Central Bank (ECB) including Otmar Issing the ECB's Chief Economist.