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1
Q

Lucas (1987) evaluation

A

We should care much more about growth than business cycles

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2
Q

Criticisms of HP filter

A

Nelson and Kang (1981) - spurious cycles
James D Hamilton - regress on past 4 values instead
Alternative is Baxter-King filter (1999)

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3
Q

King and Rebelo (1999)

A

Business cycle statistics

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4
Q

Kaldor (1957)

A

long-term growth facts

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5
Q

Hall (1978)

A

Utility well approximated by quadratic

consumption changes should be unpredictable (by income but is by stock market prices)

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6
Q

Ways to generate AK framework

A

Harrod (1939) Domar (1946)
Frankel (1962) - knowledge externalises
Arrow (1962) - learning by doing
Lucas (1988) - human capital

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7
Q

Uses of AK

A

King and Rebelo (1991) - fiscal policy on growth
Jones, Manuelli and Stachetti (1999) - macro volatility on growth
Acemogu and Ventura (2003) - terms of trade on growth
Jones and Manuelli (2005) - Handbook survey

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8
Q

King, Plosser and Rebelo (1988)

A

characterise set of utility functions which admit a balanced growth path

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9
Q

Greenwood, Hercowitz and Huffman (1988)

A

Labour choice affects utility from consumption
But no wealth effect
Not consistent with BGP

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10
Q

Barro and King (1984)

A

Cons and labour both only procyclical if wage is procyclical

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11
Q

Brock- Mirman Economy

A

log utility, 100% depreciation

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12
Q

Campbell calibration

A

estimate parameters from the data and vary a couple

not beyesian

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13
Q

Blanchard-Kahn approach

A

Matrix solving non indeterminant system of equations

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14
Q

Who showed aggregate-wage cyclicality underestimates individual wage cyclicality

A

Barsky, Solon and Parker

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15
Q

Implicit contracts where observed per-period wages are not allocative

A

Barro idea

Hall 2006 recent empirical application

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16
Q

Hansen indivisible Labour Model

A

lottery labour market

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17
Q

Shapiro-Stiglitz model

A

efficiency/ no-shirking wages

18
Q

Deamon-Mortensen-Pissarides model

A

Search and matching

Pissarides (2000)

19
Q

Who embed search in RBC to see GE business cycle implications

A

Merz (1995)

Andolfatto (1995)

20
Q

Abel (1990)

A

Habits model

21
Q

Smets and Wouters (2007)

A

external habits

also investment adjustment costs

22
Q

Christiano, Eichenbaum and Evans (2005)

A

Internal habits

also investment adjustment costs

23
Q

Deep habits defined at product level

A

Ravn, Schmitt-Grohe and Uribe (2006)

24
Q

Tobin’s q

A

relationshib btwn mkt value of installed capital and replacement costs of capital

25
Q

Holt, Modigliani, Muth and Simon (1960)

A

Production smoothing

26
Q

Blinder (1986)

A

production smoothing model doesn’t fit facts

27
Q

True Solow residuals which are much smaller (capacity utilisation and labour hoarding)

A

Basu Fernald and Kimball (2001)

same relationship found by Gali using VAR

28
Q

Christiano et al (2004)

A

get tfp up hours up

29
Q

Fisher (2005)

A

investment-specific technology shocks

30
Q

Epstein and Zin (1989)

A

recursive utility infinite horizon

31
Q

Gourio (2012)

A

Disaster model with EZ, time-varying prob

32
Q

Gilchrist and Zakrajsek (2012)

A

Default risk spread is best predictor of recession

33
Q

(Kiyotaki and Moore, 1997)

A

endogenous borrowing limits/ collateral constraints

34
Q

(Eggertsson and Krugman, 2012)

A

borrowing constraints

35
Q

Lucas critique year

36
Q

Friedman and Schwartz

A

short run monetary policy non-neutrality

37
Q

Lucas (1982):

38
Q

Nakamura and Steinssen 2008

A

7-11 month price duration excluding sales

39
Q

Fuhrer and Moore (QJE, 1995)

A

Inflation autocorrelated

40
Q

Gali Gertler

A

rule of thumb firms

Macro (5 decks)

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