Real business cycle research comes of age : A review essay
نویسنده
چکیده
Frontiers of Business Cycle Research (hereafter referred to as Frontiers) is a collection of papers describing most of the important aspects of the real business cycle (RBC) research program pioneered by Kydland and Prescott (1982). A useful reference point for Frontiers is Lucas (1980), which describes developments in business cycle theory to the time when the RBC program was about to make its presence known. Lucas made a strong case that progress in business cycle research is driven primarily by technical developments and that actual economic events are of secondary importance in shaping how macroeconomists approach their craft. This has certainly been true in relation to the development of the RBC program over the last fifteen years. First, progress occurred as practitioners became increasingly proficient in methods for computing solutions to dynamic stochastic models and as computational capacity increased at a phenomenal rate. Second, it is hard to think of a macroeconomic event that has occurred since 1980 that has been as influential for macroeconomic research as the RBC program. In Lucas (1980), one finds a projection for future research methodology which is remarkably close to the RBC program. Lucas describes the use of ' . . . fully articulated, artificial economic systems . . . ' (p. 696) which make use of ' . . . censuses, panels, other surveys .. . ' for understanding business cycles by writing a
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تاریخ انتشار 1996