Do Equilibrium Real Business Cycle Theories Explain Postwar U. S. Business Cycles?
نویسندگان
چکیده
منابع مشابه
Real 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...
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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 ................................................................
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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...
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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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This paper tests the importance of real shocks as sources of fluctuations in iran’s economy. For this purpose, based on the work of Boschen and Mills, a set of non-monetary variables which can affect economic growth have been selected and by using an illustrative business cycle model in which the production depends on the past and current value of real shocks, the influence 01’ these variables ...
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ژورنال
عنوان ژورنال: NBER Macroeconomics Annual
سال: 1986
ISSN: 0889-3365
DOI: 10.2307/3585163