Three essays on the us business cycle, expectations formation and model comparison
This thesis contributes to the vast literature on understanding the disturbances that cause recessions, testing the importance of the assumption of rational expectations in macroeconomic models, and assessing model selection criteria. The main objective is to assess structural instabilities in macroeconomic models and to develop a new econometric methodology to compare different assumptions regarding expectations formation. Chapter 2 examines the role of oil price, demand, supply and monetary...[Show more]
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