| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9080 |
| DP9080 The Evolution of Endogenous Business Cycles | |
| Roger Farmer | |
| 发表日期 | 2012-08-05 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper distinguishes between two kinds of Endogenous Business Cycle models, and discusses the evolution from first generation EBC1 models to second generation EBC2 models. I argue that EBC1 models, which display dynamic indeterminacy, are part of the evolution of modern macroeconomics that has classical roots dating back to the 1920s. EBC2 models, which display steady-state indeterminacy, are a more radical departure from the classical Real Business Cycle model; they represent a return to one of the most important ideas to emerge from Keynes? (1936) General Theory; that high involuntary unemployment can persist as part of the steady-state equilibrium of a market economy. |
| 主题 | International Macroeconomics |
| 关键词 | Indeterminacy Self-fulfilling propcheices Sunspots Unemployment |
| URL | https://cepr.org/publications/dp9080 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537913 |
| 推荐引用方式 GB/T 7714 | Roger Farmer. DP9080 The Evolution of Endogenous Business Cycles. 2012. |
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