Permanent and Transitory Components in Macroeconomic Fluctuations

DSpace/Manakin Repository

Permanent and Transitory Components in Macroeconomic Fluctuations

Citable link to this page

 

 
Title: Permanent and Transitory Components in Macroeconomic Fluctuations
Author: Mankiw, N. Gregory; Campbell, John

Note: Order does not necessarily reflect citation order of authors.

Citation: Campbell, John Y., and N. Gregory Mankiw. 1987. Permanent and transitory components in macroeconomic fluctuations. American Economic Review 77, no. 2: 111-117.
Full Text & Related Files:
Abstract: Fluctuations in real GNP have traditionally been viewed as transitory deviations from a deterministic time trend. The purpose of this paper is to review some of the recent developments that have led to a new view of output fluctuations and then to provide some additional evidence. Using post-war quarterly data, it is hard to reject the view that real GNP is as persistent as a random walk with drift.We also consider the hypothesis that the recent finding of persistence are due to the failure to distinguish the business cycle from other fluctuations in real GNP. We use the measured unemployment rate to decompose output fluctuations. We find no evidence for the view that business cycle fluctuations are more quickly trend-reverting.
Published Version: http://www.jstor.org/stable/1805437
Terms of Use: This article is made available under the terms and conditions applicable to Other Posted Material, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#LAA
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:3207697
Downloads of this work:

Show full Dublin Core record

This item appears in the following Collection(s)

 
 

Search DASH


Advanced Search
 
 

Submitters