[Do Equilibrium Real Business Cycle Theories Explain Postwar U. S. Business Cycles?]: Comment
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چکیده
منابع مشابه
Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations? Comment
The neoclassical e®ects of permanent technology shocks on employment is re-investigated. Contrary to Jordi Gali's (1999) assertion published in this Review, I show that standard neoclassical theory is fully capable of explaining the stylized fact that positive permanent technology shocks reduce employment and that positive transitory nontechnology shocks increase labor productivity.
متن کاملReal Business Cycles Theory
Research on economic fluctuations has progressed rapidly since Robert Lucas revived the profession’s interest in business cycle theory. Business cycle theory is the theory of the nature and causes of economic fluctuations The new Classical paradigm tried to account for the existence of cycles in perfectly competitive economies with rational expectations. It emphasized the role of imperfect info...
متن کاملReal Business Cycles
A. Topics and Tools ............................................................................ 1 B. Walrasian vs. Keynesian Explanations of Business Cycles ........................ 3 Why do we have multiple theories of business cycles? ....................................................... 3 Classification of business-cycle models ................................................................
متن کاملResuscitating Real Business Cycles
The Real Business Cycle (RBC) research program has grown spectacularly over the last decade, as its concepts and methods have diffused into mainstream macroeconomics. Yet, there is increasing skepticism that technology shocks are a major source o f business fluctuations. This chapter exposits the basic RBC model and shows that it requires large technology shocks to produce realistic business cy...
متن کاملReal Business Cycles
If the benchmark model without frictions can replicate the stylized facts of the business cycle, the cycles may be just an efficient phenomenon generated by markets in response to certain shocks, such as, for example, productivity shocks. Furthermore, if markets are complete and individuals can diversify risk, Lucas (1987) calculated the welfare cost of the aggregate fluctuations to be negligible.
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ژورنال
عنوان ژورنال: NBER Macroeconomics Annual
سال: 1986
ISSN: 0889-3365,1537-2642
DOI: 10.1086/654018