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Real Business Cycle Views of the Great Depression and Recent Events: A Review of Timothy J. Kehoe and Edward C. Prescott's Great Depressions of the Twentieth Century

机译:真实经济周期对大萧条和近期事件的看法:蒂莫西·基欧(Timothy J. Kehoe)和爱德华·普雷斯科特(Edward C. Prescott)对20世纪大萧条的回顾

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摘要

This book collects essays, most of which were published earlier, into an advertisement for real business cycle (RBC) analysis. Half of the essays discuss the Great Depression; half discuss events of the 1980s and 1990s. They all use the general equilibrium model of economic growth to analyze short-run fluctuations in the rate of economic growth of various countries. I find that the use of closed economy models without frictions is not useful for the analysis of short-run variations in the rate of economic growth. Almost all of these essays end by claiming that variations in the rate of GDP growth were due to changes in the rate of total factor productivity (TFP) growth. They do not provide any explanation for fluctuations in the rate of TFP growth, leaving the reader no closer to understanding these periods of depression and slow growth. I discuss in turn the essays on the Great Depression, the essays on more recent fluctuations, and the definition of "great depressions" used in this volume.
机译:本书收集了大部分早已发表的论文,并将其收入广告中,以进行实际商业周期(RBC)分析。一半的论文讨论了大萧条。一半讨论了1980年代和1990年代的事件。他们都使用经济增长的一般均衡模型来分析各国经济增长率的短期波动。我发现,使用没有摩擦的封闭经济模型对分析经济增长率的短期变化没有用。几乎所有这些文章都以声称GDP增长率的变化是由于全要素生产率(TFP)增长率的变化而结束的。他们没有为TFP增长率的波动提供任何解释,从而使读者无法更深入地了解这些抑郁和缓慢增长的时期。我依次讨论有关大萧条的文章,有关近期波动的文章以及本卷中使用的“大萧条”的定义。

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