ADVANCED MACROECONOMICS Lecture 5 Real Business Cycle Theory 电子科大经管学院马捷
ADVANCED MACROECONOMICS Lecture 5 Real Business Cycle Theory 电子科大经管学院 马捷 1
Outline -Stylized Facts about Business Cycles From New Classicals to RBC ·RBC Models Major Contributions Criticisms 电子科大经管学院马捷 2 元元元元
Outline Stylized Facts about Business Cycles From New Classicals to RBC RBC Models Major Contributions Criticisms 电子科大经管学院 马捷 2
Stylized Facts 1.Cycles vary a lot in amplitude and duration. 2.Output movements in many sectors display a high degree of coherence. 3.Investment and durable goods production is much more volatile than output. 4.Nondurable goods consumption is less volatile than output. 5.Velocity of money is countercyclical in most countries. 电子科大经管学院马捷 3
Stylized Facts 1. Cycles vary a lot in amplitude and duration. 2. Output movements in many sectors display a high degree of coherence. 3. Investment and durable goods production is much more volatile than output. 4. Nondurable goods consumption is less volatile than output. 5. Velocity of money is countercyclical in most countries. 电子科大经管学院 马捷 3
6.The relationship of monetary aggregates and output is highly variable. 7.Long-term interest rates are less volatile than short- term interest rates. 8.Short-term interest rates are almost always positively correlated with output. 9.Long-term interest rates are have a negative or zero correlation with output. 10. Prices levels are procyclical. 11. Employment is as variable as output,and positively correlated. 12. Productivity is less volatile than output 电子科大经管学院马捷
6. The relationship of monetary aggregates and output is highly variable. 7. Long-term interest rates are less volatile than shortterm interest rates. 8. Short-term interest rates are almost always positively correlated with output. 9. Long-term interest rates are have a negative or zero correlation with output. 10. Prices levels are procyclical. 11. Employment is as variable as output, and positively correlated. 12. Productivity is less volatile than output. 电子科大经管学院 马捷 4
Motivation Both the Solow model I and the neoclassical growth model predict per capita income grows at a constant rate. What policy can we use to avoid the fluctuations of economies away from the optimal allocations? Technological progress is either exogenously determined or grow at constant rates. 电子科大经管学院马捷 5
Motivation Both the Solow model and the neoclassical growth model predict per capita income grows at a constant rate. What policy can we use to avoid the fluctuations of economies away from the optimal allocations? Technological progress is either exogenously determined or grow at constant rates. 电子科大经管学院 马捷 5