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Real Business Cycle Models: Past, Present, and Future

Hodrick and Prescott detrend U.S. macro time series with what became known as the “HP filter.” They then compute standard deviations, correlations, and serial ... but these smooth paths can be achieved without generating fluctuations in equity returns. Boldrin, et al. (2001) modify the basic RBC model to reduce the elasticity of capital ...

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  Macro, Generating

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