منابع مشابه
Understanding Business Cycles*
I. Why is it that, in capitalist economies, aggregate variables undergo repeated fluctuations about trend, all of essentially the same character? Prior to Keynes’ General Theory, the resolution of this question was regarded as one of the main outstanding challenges to economic research, and attempts to meet this challenge were called business cycle theory. Moreover, among the interwar business ...
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: Journal of Economic Perspectives
سال: 1989
ISSN: 0895-3309
DOI: 10.1257/jep.3.3.51