RBC Methodology and the Development of Aggregate Economic Theory
Published By: NATIONAL BUREAU OF ECONOMIC RESEARCH on eSS | Published Date: July , 2016This essay reviews the development of neoclassical growth theory, a unified theory of aggregate economic phenomena that was first used to study business cycles and aggregate labor supply. The focus of this essay is on real business cycle (RBC) methodology. The contributions reviewed here are ones that illustrate methodological points or extend the applicability of neoclassical growth theory. [ Working Paper 22422]
Author(s): Edward Prescott | Posted on: Jul 21, 2016 | Views()