Understanding Real Business Cycles
- 1 August 1989
- journal article
- Published by American Economic Association in Journal of Economic Perspectives
- Vol. 3 (3) , 51-77
- https://doi.org/10.1257/jep.3.3.51
Abstract
This brief essay is intended to provide readers with an introduction to the real business cycle approach to business fluctuations. It discusses the basic real business cycle framework; economic growth and business cycles; real business cycles and the 1954–1985 U.S. economy; government policies and suboptimal equilibrium; and the real business cycle research agenda. An appendix presents a more technical summary of the basic neoclassical model presented in the paper.Keywords
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