Chapter 12The Econometrics of the General Equilibrium Approach to Business Cycles*
Scandinavian Journal of Economics 93(2), 1991, pp. 161-178
Carnegie-Mellon University, Pittsburgh PA, USA
Federal Reserve Bank and University of Minnesota, Minneapolis MN, USA
Abstract
The founding fathers of the Econometric Society defined econometrics to be quantitative economic theory. A vision of theirs was the use of econometrics to provide quantitative answers to business cycle questions. The realization of this dream required a number of advances in pure theory — in particular, the development of ḿodern general equilibrium theory. The econometric problem is how to use these tools along with measurement to answer business ...
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