Some Skeptical Observations on Real Business Cycle Theory
Abstract
The increasing ascendancy of real business cycle theories of various stripes, with their common view that the economy is best modeled as a floating Walrasian equilibrium, buffeted by productivity shocks, is indicative of the depths of the divisions separating academic macroeconomists. These theories deny propositions thought self-evident by many academic macroeconomists and all of those involved in forecasting and controlling the economy on a...
Paper Details
Title
Some Skeptical Observations on Real Business Cycle Theory
Published Date
Sep 1, 1986
Volume
10
Issue
4
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