Business Cycle Analysis Without Much Theory: A Look at Structural V.A.R.S

Posted: 19 May 1998

See all articles by Thomas F. Cooley

Thomas F. Cooley

New York University - Leonard N. Stern School of Business; National Bureau of Economic Research (NBER)

Mark Dwyer

University of California, Los Angeles (UCLA) - Department of Economics

Date Written: Undated

Abstract

Two different approaches have emerged as the primary vehicles for analyzing business cycles. Structural vector autoregressions emphasize a heavy reliance on data and a weak reliance on economic theory. Dynamic General Equilibrium models put more reliance on the theory. In this paper we contrast these approaches in an attempt to see if S.V.A.R.s give robust and reliable conclusions about the nature of business cycles.

JEL Classification: E32

Suggested Citation

Cooley, Thomas F. and Dwyer, Mark, Business Cycle Analysis Without Much Theory: A Look at Structural V.A.R.S (Undated). Simon School of Business Working Paper MP 95-05. Available at SSRN: https://ssrn.com/abstract=3135

Thomas F. Cooley (Contact Author)

New York University - Leonard N. Stern School of Business ( email )

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Mark Dwyer

University of California, Los Angeles (UCLA) - Department of Economics ( email )

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Los Angeles, CA 90095-1477
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