Chapter 23Real business cycles and the test of the Adelmans*
Journal of Monetary Economics 33 (2), April 1989, pp. 405–438
Received August 1992, final version received January 1994
This paper conducts a modern variant of the test proposed and carried out by Adelman and Adelman (1959). Using the methods developed by Burns and Mitchell (1946), we see if we can distinguish between the economic series generated by an actual economy and those analogous artificial series generated by a stochastically perturbed economic model. In the case of the Adelmans, the model corresponded to the Klein–Goldberger equations. ...
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