Replication data for: Medium-Term Business Cycles
Principal Investigator(s): View help for Principal Investigator(s) Diego Comin; Mark Gertler
Version: View help for Version V1
Name | File Type | Size | Last Modified |
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RBC | 12/07/2019 08:47:AM | ||
cleanold | 12/07/2019 08:47:AM | ||
correlations | 12/07/2019 08:47:AM | ||
Description.txt | text/plain | 2.1 KB | 12/07/2019 03:47:AM |
LICENSE.txt | text/plain | 14.6 KB | 12/07/2019 03:47:AM |
acf.m | text/plain | 1.1 KB | 12/07/2019 03:47:AM |
aim.m | text/plain | 3.1 KB | 12/07/2019 03:47:AM |
aim_eig.m | text/plain | 2.7 KB | 12/07/2019 03:47:AM |
aimerr.m | text/plain | 1.7 KB | 12/07/2019 03:47:AM |
bpassfilter.m | text/plain | 1.7 KB | 12/07/2019 03:47:AM |
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Project Citation:
Comin, Diego, and Gertler, Mark. Replication data for: Medium-Term Business Cycles. Nashville, TN: American Economic Association [publisher], 2006. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116218V1
Project Description
Summary:
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Over the postwar period, many industrialized countries have experienced significant
medium-frequency oscillations between periods of robust growth versus relative
stagnation. Conventional business cycle filters, however, tend to sweep these oscillations
into the trend. In this paper we explore whether they may, instead, reflect a
persistent response of economic activity to the high-frequency fluctuations normally
associated with the cycle. We define as the medium-term cycle the sum of the highand
medium-frequency variation in the data, and then show that these kinds of
fluctuations are substantially more volatile and persistent than are the conventional
measures. These fluctuations, further, feature significant procyclical movements in
both embodied and disembodied technological change, and research and development
(R&D), as well as the efficiency and intensity of resource utilization. We then
develop a model of medium-term business cycles. A virtue of the framework is that,
in addition to offering a unified approach to explaining the high- and mediumfrequency
variation in the data, it fully endogenizes the movements in productivity
that appear central to the persistence of these fluctuations. For comparison, we also
explore how well an exogenous productivity model can explain the facts. (JEL E3, O3)
Scope of Project
JEL Classification:
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E32 Business Fluctuations; Cycles
O33 Technological Change: Choices and Consequences; Diffusion Processes
E32 Business Fluctuations; Cycles
O33 Technological Change: Choices and Consequences; Diffusion Processes
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