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RBC Methodology and the Development of Aggregate Economic Theory

Author

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  • Edward Prescott

Abstract

This 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]

Suggested Citation

  • Edward Prescott, 2016. "RBC Methodology and the Development of Aggregate Economic Theory," Working Papers id:11115, eSocialSciences.
    • Handle: RePEc:ess:wpaper:id:11115
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    Cited by:

    1. Sadeghi, Abdorasoul & Roudari, Soheil & Nammouri, Hela, 2025. "Green finance, fossil energy, and institutional factors in the context of sustainable development," MPRA Paper 126836, University Library of Munich, Germany, revised 13 Aug 2025.
    2. Múñoz, Féliz-Fernando & Encinar, María-Isabel & Cañibano, Carolina, 2016. "Agents, interaction, and economic laws: An analytical framework for understanding different economic theories," Working Papers in Economic Theory 2016/05, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
    3. Kőrösi, Gábor, 2016. "A lány továbbra is szolgál.. [Modelling and econometrics]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 647-667.
    4. V. Kerry Smith & Min Qiang Zhao, 2016. "Evaluating Economy-Wide Benefit Cost Analyses," NBER Working Papers 22769, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

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    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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