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Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Cardiff Economics Working Papers No. E2010/13
Verlag: 
Cardiff University, Cardiff Business School, Cardiff
Zusammenfassung: 
A Real Business Cycle model of the UK is developed to account for the behaviour of UK nonstationary macro data. The model is tested by the method of indirect inference, bootstrapping the errors to generate 95% confidence limits for a VECM representation of the data; we find the model can explain the behaviour of main variables (GDP, real exchange rate, real interest rate) but not that of detailed GDP components. We use the model to explain how `crisis' and `euphoria' are endemic in capitalist behaviour due to nonstationarity; and we draw some policy lessons.
Schlagwörter: 
Nonstationarity
Productivity
Real Business Cycle
Bootstrap
Indirect Inference
Banking Crisis
Banking Regulation
JEL: 
E32
F31
F41
Dokumentart: 
Working Paper

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