On Equivalence Results in Business Cycle Accounting

@inproceedings{Nutahara2008OnER,
  title={On Equivalence Results in Business Cycle Accounting},
  author={Kengo Nutahara and Masaru Inaba},
  year={2008}
}
Business cycle accounting rests on the insight that the prototype neoclassical growth model with time-varying wedges can achieve the same allocation generated by a large class of frictional models: equivalence results. Equivalence results are shown under general conditions about the process of wedges while it is often specified to be the first order vector autoregressive when one applies business cycle accounting to actual data. In this paper, we characterize the class of models covered by the… CONTINUE READING

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