"Business Cycle Implications of Internal Consumption Habit for New Keynesian Models" Takashi Kano; James M. Nason

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Takashi Kano ; James M. Nason
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Federal Reserve Bank of Atlanta, Working Paper Series
Business cycles -- Forecasts and trends; Monetary policy -- Forecasts and trends; Business cycles -- Analysis
Academic; Trade
Working Paper 2009-16 July 2009 1. INTRODUCTION It is a 'folk-theorem' of macroeconomics that, "All models are false." A sufficiently rich set of stylized facts will reject a dynamic s ...
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