The purpose of this book is to describe the intellectual process
by which Real Business Cycle models were developed. The approach
taken focuses on the core elements in the development of RBC
models: (i) building blocks, (ii) catalysts, and (iii)
meta-syntheses. This is done by detailed examination of all
available unpublished variorum drafts of the key papers in the RBC
story, so as to determine the origins of the ideas. The analysis of
the process their discovery is then set out followed by
explanations of the evolution and dissemination of the models, from
first generation papers through full blown research programs. This
is supplemented by interviews and correspondence with the
individuals who were at the center of the development of RBC
models, such as Kydland, Prescott, Long, Plosser, King, Lucas and
Barro, among others.
This book gets stright to the heart of the debates surrounding
RBC models and as such contributes to a real assessment of their
impact on modern macroeconomics. The volume, therefore, will
interest all scholars looking at macroeconomics as well as
historians of economic thought more generally.
General
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