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| Author: | Harjes, T. |
| Title: | Real business cycles in an open economy: an application to Germany |
| Journal: | Weltwirtschaftliches Archiv
1997 : VOL. 133:4, p. 635-656 |
| Index terms: | BUSINESS CYCLES OPEN ECONOMY GERMANY |
| Language: | eng |
| Abstract: | During the last decade, much work has been devoted to the "real business cycle" approach, initiated by the pioneering work of Kydland and Prescott (1982) and Long and Plosser (1983). That research studies models in which productivity disturbances motivate rational, forward-looking agents to optimally adjust their economic decisions over time. In closed economy environments these stochastic, dynamic-optimizing models have proved to be able to account for many of the observed features of postwar business cycles. |
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