The Limits of Business Cycle Research: Assessing the Real Business Cycle Model
The 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.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
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.