Department of Economics
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Harris DellasWorkshop in Advanced MacroeconomicsClass NotesBusiness cycle facts and review of business cycle theories Note 2 - continuation of Note 1 Tools (for a comprehensive introduction compare the "Basics on RBC modelling" section below) Linearization (pp. 1-7) and numerical solution (pp. 7-11) How RBC theorists measure success Applications RBC model with fixed labour supply (example 1): see "Basics on RBC modelling" section below. Baseline RBC model with labour-leisure choice (example 2): see "Basics on RBC modelling" section below. Basics on RBC modellingBasic facts and concepts Stylized facts of real aggregate activity The one-good, one-shock RBC model General procedure for solving RBC models Dynamic optimization: A tool kit Model library (examples) Monte Carlo experiments: Introduction RBC model with exogenous leisure M. Wälti (2002), Solving linear rational expectations models F. Collard (undated manuscript), Solving the Solow Model by Linear Approximation RBC model with endogenous leisure RBC model with endogenous leisure and government expenditures H. Dellas (2002), The basic RBC model Helpful articles and textbook chapters Uhlig (1997), A toolkit for analyzing nonlinear dynamic stochastic models easily Collard (1998), Le modèle canonique des cycles réels. Manuscript Cooley and Prescott (1995), Economic growth and business cycle facts, in: Cooley, ed., Frontiers of business cycle research, Princeton University Press King and Rebelo (1999), Resuscitating real business cycles, in: Taylor and Woodford, eds., Handbook of Macroeconomics, Volume 1, 926-100 King, Plosser, and Rebelo (1988), Production, growth and business cycles: I. The basic neoclassical model, Journal of Monetary Economics 21, 195-232 King, Plosser, and Rebelo (1987), Production, growth and business cycles: Technical Appendix McCallum (1989), Real business cycle models, in Barro, ed., Modern business cycle theory, Blackwell, pp. 17-50 |