English, Article, Journal or magazine article edition: On "Real" and "Sticky-Price" Theories of the Business Cycle Bennett T. McCallum

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Bookmark: http://trove.nla.gov.au/version/141168
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • On "Real" and "Sticky-Price" Theories of the Business Cycle
Author
  • Bennett T. McCallum
Physical Description
  • preprint
Notes
  • This paper begirE by identifying the distinguishing characteristic of the "real business cycle" (RBC) class of macroeconomic models. It then scruitinizes existing evidence, presented in support of the RBC approach, of three types: calibrated general equilibrium models with no monetary sector, vector-autoregression variance decomposition results, and univariate measurements of trend and cyclical components. It is argued that, in fact, these types of evidence have so far provided little support for the RBC hypothesis. Finally, with regard to an important alternative hypothesis concerning macroeconomic fluctuations, the paper proposes a partial rationalization for the stickiness of nominal product prices.
  • RePEc:nbr:nberwo:1933
Language
  • English
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