Replication data for: A Reassessment of Real Business Cycle Theory

Name: Replication data for: A Reassessment of Real Business Cycle Theory
Published: 2014-05-01
License: This work is licensed under an Other license created by the data depositor. Please refer to the LICENSE file, which should be located alongside the project data and documentation.
Keywords: Intangible capital

Principal Investigator(s): View help for Principal Investigator(s) Ellen R. McGrattan; Edward C. Prescott

Version: View help for Version V1

Name	File Type	Size	Last Modified
McGrattan_Data			10/19/2021 02:34:PM
LICENSE.txt	text/plain	14.6 KB	10/11/2019 06:09:PM

Project Citation:

McGrattan, Ellen R., and Prescott, Edward C. Replication data for: A Reassessment of Real Business Cycle Theory. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112775V1

Project Description

Summary: During the downturn of 2008–2009, output and hours fell significantly, but labor productivity rose. These facts have led many to conclude that there is a significant deviation between observations and current macrotheories that assume business cycles are driven, at least in part, by fluctuations in total factor productivities of firms. We show that once investment in intangible capital is included in the analysis, there is no inconsistency. Measured labor productivity rises if the fall in output is underestimated; this occurs when there are large unmeasured intangible investments. Microevidence suggests that these investments are large and cyclically important.

Scope of Project

Subject Terms: Intangible capital

JEL Classification:
      E13 General Aggregative Models: Neoclassical
      E32 Business Fluctuations; Cycles
      E44 Financial Markets and the Macroeconomy
      G01 Financial Crises

Geographic Coverage: United States

Time Period(s): 1970 – 2014

Data Type(s): administrative records data; aggregate data

Methodology

Data Source: Bureau of Economic Analysis; Compustat

Unit(s) of Observation: Industries, companies,

Related Publications

Download this project

Published Versions

V1 [2019-10-11]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.