Determinants of business cycles in small scale macroeconomic models: the German case
- We identify measures of shocks to total factor productivity and preferences from two real business cycle models and subject them to Granger causality tests to see whether they can be considered exogenous to other plausible sources of the German business cycle. For West German data from 1960.i to 1989.iv we conclude that our measures of shocks are indeed exogenous. This contrasts with similar studies for other countries that question the exogeneity of either productivity or preference shocks. For the period 70.i to 01.iv we find that M3 Granger causes all of our shock measures. We attribute this to the breaks in our time series associated with the German reunification in 1990 and the European Monetary Union in 1999.
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| Author: | Alfred MaußnerGND, Julius Spatz |
|---|---|
| URN: | urn:nbn:de:bvb:384-opus4-380120 |
| Frontdoor URL | https://opus.bibliothek.uni-augsburg.de/opus4/38012 |
| ISSN: | 0377-7332OPAC |
| Parent Title (English): | Empirical Economics |
| Type: | Article |
| Language: | English |
| Year of first Publication: | 2006 |
| Publishing Institution: | Universität Augsburg |
| Release Date: | 2018/01/16 |
| Volume: | 31 |
| Issue: | 4 |
| First Page: | 921 |
| Last Page: | 950 |
| DOI: | https://doi.org/10.1007/s00181-006-0062-9 |
| Institutes: | Wirtschaftswissenschaftliche Fakultät |
| Wirtschaftswissenschaftliche Fakultät / Institut für Volkswirtschaftslehre | |
| Wirtschaftswissenschaftliche Fakultät / Institut für Volkswirtschaftslehre / Lehrstuhl für Empirische Makroökonomik (Maußner) | |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Licence (German): |  Deutsches Urheberrecht |
