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Real Business Cycle Theory

In: Money, Banking, and the Business Cycle

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  • Brian P. Simpson

Abstract

Real business cycle (RBC) theories are nonmonetary explanations of the business cycle. Supporters of RBC theory claim that business cycles arise due to changes in real factors, instead of monetary factors, in the economy. The focus is on alleged causes of the business cycle that emanate from places other than changes in the supply of money and spending. Further, such cycle theory assumes markets are always in equilibrium (i.e., they always clear, even during recessions and depressions).1

Suggested Citation

  • Brian P. Simpson, 2014. "Real Business Cycle Theory," Palgrave Macmillan Books, in: Money, Banking, and the Business Cycle, chapter 3, pages 79-110, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33656-9_4
    DOI: 10.1057/9781137336569_4
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