The Limits of Business Cycle Research: Assessing the Real Business Cycle Model
AbstractThe real business cycle model dominates business cycle research in the new classical tradition. Typically, real business cycle modelers both offer the bold conjecture that business cycles are equilibrium phenomena driven by technology shocks and also novel strategies for assessing the success of the model. This article critically examines the real business model and the assessment strategy, surveys the literature supporting and opposing the model, and evaluates the evidence on the empirical success of the model. It argues that, on the preponderance of the evidence, the real business cycle model is refuted. Copyright 1997 by Oxford University Press.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Review of Economic Policy.
Volume (Year): 13 (1997)
Issue (Month): 3 (Autumn)
Contact details of provider:
Web page: http://oxrep.oupjournals.org/
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Luca Pensieroso, 2007.
"Real Business Cycle Models Of The Great Depression: A Critical Survey,"
Journal of Economic Surveys,
Wiley Blackwell, vol. 21(1), pages 110-142, 02.
- Luca, PENSIEROSO, 2005. "Real Business Cycle Models of the Great Depression : a Critical Survey," Discussion Papers (ECON - DÃ©partement des Sciences Economiques) 2005005, Université catholique de Louvain, Département des Sciences Economiques.
- Edoardo Gaffeo & Domenico Delli Gatti & Saul Desiderio & Mauro Gallegati, 2008.
"Adaptive Microfoundations for Emergent Macroeconomics,"
Eastern Economic Journal,
Palgrave Macmillan, vol. 34(4), pages 441-463.
- Edoardo Gaffeo & Domenico Delli Gatti & Saul Desiderio & Mauro Gallegati, 2008. "Adaptive microfoundations for emergent macroeconomics," Department of Economics Working Papers 0802, Department of Economics, University of Trento, Italia.
- Sussmuth, Bernd, 2003. "Modeling the synchronization of sectoral investment cycles on the base of informational externalities," Structural Change and Economic Dynamics, Elsevier, vol. 14(1), pages 35-54, March.
- Pedro Garcia Duarte, 2011. "Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics," Working Papers, Department of Economics 2011_02, University of São Paulo (FEA-USP).
- Pillai N., Vijayamohanan, 2008. "In Quest of Truth: The War of Methods in Economics," MPRA Paper 8866, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.