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Tuning in RBC Growth Spectra by Szilard Benk
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For US postwar data, the paper explains central consumption, labor, investment andoutput correlations and volatilities along with output growth persistence by includinga human capital investment sector and a variable physical capital utilization rate.Strong internal "amplication" results from an economy-wide productivity shock acrossgoods and human capital investment sectors that has variances 10,000 fold smallerthan in the standard RBC TFP shock. Simulated moments are compared to datamoments for the business cycle, the low frequency and the Medium Cycle frequency,as well as the high frequency. A metric is provided to gauge that the results havean average of 46% deviation of simulated moments from data moments, for a broadarray of targets across all windows. Within this array, key correlations have only a 15%deviation in the business cycle window, and growth persistence only an 8% deviation inthe low frequency, which indicates good "propagation". Countercyclic human capitalinvestment time and procyclic physical capital capacity utilization rates are also foundas in data.
International Monetary Fund; November 2016
54 pages; ISBN 9781475556858
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Title: Tuning in RBC Growth Spectra
Author: Szilard Benk; Tamas Csabafi; Jing Dang; Max Gillman; Michal Kejak