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On the Mechanics of Economic Development
- Publisher
- American Economic Association
- Copyright
- Copyright © 1989 by the American Economic Association
- Subject
- Symposia
- ISSN
- 0895-3309
- DOI
- 10.1257/jep.3.3.51
- Publisher site
- See Article on Publisher Site
Abstract
Abstract This brief essay is intended to provide readers with an introduction to the real business cycle approach to business fluctuations. It discusses the basic real business cycle framework; economic growth and business cycles; real business cycles and the 1954–1985 U.S. economy; government policies and suboptimal equilibrium; and the real business cycle research agenda. An appendix presents a more technical summary of the basic neoclassical model presented in the paper.
Journal
Journal of Economic Perspectives – American Economic Association
Published: Aug 1, 1989