04877oam 22012014 450 991015501340332120200520144314.01-4755-5685-31-4755-5704-3(CKB)3710000000973031(MiAaPQ)EBC4867570(Au-PeEL)EBL4867570(CaPaEBR)ebr11391094(CaONFJC)MIL974488(OCoLC)964525187(IMF)WPIEA2016215(EXLCZ)99371000000097303120020129d2016 uf 0engurcnu||||||||rdacontentrdamediardacarrierTuning in RBC Growth Spectra /Szilard Benk, Tamas Csabafi, Jing Dang, Max Gillman, Michal KejakWashington, D.C. :International Monetary Fund,2016.1 online resource (52 pages) illustrations (some color)IMF Working Papers1-4755-5277-7 Includes bibliographical references.For US postwar data, the paper explains central consumption, labor, investment and output correlations and volatilities along with output growth persistence by including a human capital investment sector and a variable physical capital utilization rate. Strong internal "amplication" results from an economy-wide productivity shock across goods and human capital investment sectors that has variances 10,000 fold smaller than in the standard RBC TFP shock. Simulated moments are compared to data moments for the business cycle, the low frequency and the Medium Cycle frequency, as well as the high frequency. A metric is provided to gauge that the results have an average of 46% deviation of simulated moments from data moments, for a broad array of targets across all windows. Within this array, key correlations have only a 15% deviation in the business cycle window, and growth persistence only an 8% deviation in the low frequency, which indicates good "propagation". Countercyclic human capital investment time and procyclic physical capital capacity utilization rates are also found as in data.IMF Working Papers; Working Paper ;No. 2016/215Business cyclesUnited StatesHuman capitalUnited StatesLaborimfMacroeconomicsimfProduction and Operations ManagementimfNeoclassicalimfBusiness FluctuationsimfCyclesimfTrade: GeneralimfHuman CapitalimfSkillsimfOccupational ChoiceimfLabor ProductivityimfProductionimfCostimfCapital and Total Factor ProductivityimfCapacityimfLabor Economics: GeneralimfPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)imfMacroeconomics: ProductionimfLabourimfincome economicsimfEconomic growthimfHuman capitalimfTotal factor productivityimfBusiness cyclesimfCapacity utilizationimfIndustrial productivityimfLabor economicsimfIndustrial capacityimfUnited StatesimfBusiness cyclesHuman capitalLaborMacroeconomicsProduction and Operations ManagementNeoclassicalBusiness FluctuationsCyclesTrade: GeneralHuman CapitalSkillsOccupational ChoiceLabor ProductivityProductionCostCapital and Total Factor ProductivityCapacityLabor Economics: GeneralPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)Macroeconomics: ProductionLabourincome economicsEconomic growthHuman capitalTotal factor productivityBusiness cyclesCapacity utilizationIndustrial productivityLabor economicsIndustrial capacity338.5420973Benk Szilard1451127Csabafi Tamas1451128Dang Jing1451129Gillman Max1087917Kejak Michal1451130DcWaIMFBOOK9910155013403321Tuning in RBC Growth Spectra3651003UNINA