How well can business cycle accounting account for business cycles?
- Journal: Economics Bulletin,volume 32,issue 2,pages1,774-1,784
- Subject: Business Cycle Accounting; Business Cycle Moments | HB
- jel: jel:E3 | jel:E1
The business cycle accounting method introduced by Chari, Kehoe and McGrattan (2007) is a useful tool to decompose business cycle fluctuations into their contributing factors. However, the model estimated by the maximum likelihood method cannot replicate business cycle ... View more