The real business cycle theory ||
Автор: Vision Economics
Загружено: 2020-02-28
Просмотров: 18166
Most Economists believe that the classical model cannot explain the short- run economic fluctuations because in this model prices are flexible.
However the new classical economists believe that the classical model can explain the short-run economic fluctuations. They believe that it is best to assume that prices are flexible even in the short-run
Almost all microeconomic analysis is based on the assumption that prices adjust to clear markets. New classical economists argue that macroeconomic analysis should be based on the same assumption. The leading new classical explanation of economic fluctuations is called the theory of real business cycles.
According to this analysis, the assumption that have been used for long-run may also apply for short-run study. Most importantly, real-business-cycle theory holds that the economy obeys the classical dichotomy nominal variables are assumed not to influence real variables. To explain fluctuations in real variables, real-business-cycle theory emphasis real changes in the economy, such as changes in fiscal policy and production technologies. This theory excludes the nominal variables to explain economic fluctuations.
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