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title="Theorie realer Konjunkturzyklen – German" lang="de" hreflang="de" data-title="Theorie realer Konjunkturzyklen" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%86%D8%B8%D8%B1%DB%8C%D9%87_%DA%86%D8%B1%D8%AE%D9%87_%D9%88%D8%A7%D9%82%D8%B9%DB%8C_%DA%A9%D8%B3%D8%A8%E2%80%8C%D9%88%DA%A9%D8%A7%D8%B1" title="نظریه چرخه واقعی کسب‌وکار – Persian" lang="fa" hreflang="fa" data-title="نظریه چرخه واقعی کسب‌وکار" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Th%C3%A9orie_des_cycles_r%C3%A9els" title="Théorie des cycles réels – French" lang="fr" hreflang="fr" data-title="Théorie des cycles réels" data-language-autonym="Français" 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.sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a></li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a class="mw-selflink selflink">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Real business-cycle theory</b> (<b>RBC theory</b>) is a class of <a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">new classical macroeconomics</a> <a href="/wiki/Macroeconomic_model" title="Macroeconomic model">models</a> in which <a href="/wiki/Business-cycle" class="mw-redirect" title="Business-cycle">business-cycle</a> fluctuations are accounted for by <a href="/wiki/Real_vs._nominal_in_economics" class="mw-redirect" title="Real vs. nominal in economics">real</a>, in contrast to nominal, <a href="/wiki/Shock_(economics)" title="Shock (economics)">shocks</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> RBC theory sees business cycle fluctuations as the <a href="/wiki/Economic_efficiency" title="Economic efficiency">efficient</a> response to <a href="/wiki/Exogenous_variable" class="mw-redirect" title="Exogenous variable">exogenous</a> changes in the real economic environment. That is, the level of national output necessarily maximizes <a href="/wiki/Expected_utility" class="mw-redirect" title="Expected utility"><i>expected</i> utility</a>. </p><p>In RBC models, business cycles are described as "real" because they reflect optimal adjustments by economic agents rather than failures of <a href="/wiki/Market_clearing" title="Market clearing">markets to clear</a>. As a result, RBC theory suggests that governments should concentrate on long-term structural change rather than intervention through discretionary <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal</a> or <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>. These ideas are strongly associated with <a href="/wiki/Freshwater_economics" class="mw-redirect" title="Freshwater economics">freshwater economics</a> within the neoclassical economics tradition, particularly the <a href="/wiki/Chicago_School_of_Economics" class="mw-redirect" title="Chicago School of Economics">Chicago School of Economics</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Business_cycles">Business cycles</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Real_business-cycle_theory&action=edit&section=1" title="Edit section: Business cycles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>If we were to take snapshots of an economy at different points in time, no two photos would look alike. This occurs for two reasons: </p> <ol><li>Many advanced economies exhibit sustained growth over time. That is, snapshots taken many years apart will most likely depict higher levels of economic activity in the later period.</li> <li>There exist seemingly random fluctuations around this growth trend. Thus, given two snapshots, predicting the latter with the earlier is nearly impossible.</li></ol> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Businesscycle_figure1.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/ca/Businesscycle_figure1.jpg/300px-Businesscycle_figure1.jpg" decoding="async" width="300" height="239" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/c/ca/Businesscycle_figure1.jpg 1.5x" data-file-width="410" data-file-height="327" /></a><figcaption>FIGURE 1</figcaption></figure> <p>A common way to observe such behavior is by looking at a time series of an economy's output, more specifically <a href="/wiki/Gross_national_product" class="mw-redirect" title="Gross national product">gross national product</a> (GNP). This is just the value of the goods and services produced by a country's businesses and workers. </p><p>Figure 1 shows the time series of real GNP for the United States from 1954 to 2005. While we see continuous output growth, it is not a steady increase. There are times of faster growth and times of slower growth. Figure 2 transforms these levels into growth rates of real GNP and extracts a smoother growth trend. The <a href="/wiki/Hodrick%E2%80%93Prescott_filter" title="Hodrick–Prescott filter">Hodrick–Prescott filter</a> is a common method to obtain this trend. The basic idea is to find a balance between the extent to which the general growth trend follows the cyclical movement (since the long-term growth rate is not likely to be perfectly constant) and how smooth it is. The HP filter identifies the longer-term fluctuations as part of the growth trend while classifying the more jumpy fluctuations as part of the cyclical component. </p> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Businesscycle_figure2.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Businesscycle_figure2.jpg/300px-Businesscycle_figure2.jpg" decoding="async" width="300" height="248" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/8/8d/Businesscycle_figure2.jpg 1.5x" data-file-width="396" data-file-height="327" /></a><figcaption>FIGURE 2</figcaption></figure> <p>Observe the difference between this growth component and the jerkier data. Economists refer to these cyclical movements about the trend as <b>business cycles</b>. Figure 3 explicitly captures such deviations. Note the horizontal axis at 0. A point on this line indicates that there was no deviation from the trend that year. All other points above and below the line imply deviations. Using log real GNP, the distance between any point and the 0 line roughly equals the percentage deviation from the long-run growth trend. Also, note that the Y-axis uses very small values. This indicates that the deviations in real GNP are comparatively small and might be attributable to measurement errors rather than real deviations. </p> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Businesscycle_figure3.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1e/Businesscycle_figure3.jpg/300px-Businesscycle_figure3.jpg" decoding="async" width="300" height="241" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/1/1e/Businesscycle_figure3.jpg 1.5x" data-file-width="407" data-file-height="327" /></a><figcaption>FIGURE 3</figcaption></figure> <p>We call large positive deviations (those above the zero axis) peaks. We call relatively large negative deviations (those below the zero axis) troughs. A series of positive deviations leading to peaks are booms, and a series of negative deviations leading to troughs are <a href="/wiki/Recessions" class="mw-redirect" title="Recessions">recessions</a>. </p><p>At a glance, the deviations look like a string of waves bunched together—nothing about it appears consistent. To explain the causes of such fluctuations may seem rather difficult, given these irregularities. However, considering other macroeconomic variables, we will observe patterns in these irregularities. For example, consider Figure 4, which depicts fluctuations in output and consumption spending, i.e., what people buy and use at any given period. Observe how the peaks and troughs align at almost the same places and how the upturns and downturns coincide. </p> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Businesscycle_figure4.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Businesscycle_figure4.jpg/300px-Businesscycle_figure4.jpg" decoding="async" width="300" height="241" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/b/b4/Businesscycle_figure4.jpg 1.5x" data-file-width="407" data-file-height="327" /></a><figcaption>FIGURE 4</figcaption></figure> <p>We might predict that other similar data may exhibit similar qualities. For example, (a) labor, hours worked (b) productivity, how effective firms use such capital or labor, (c) investment, amount of capital saved to help future endeavors, and (d) capital stock, value of machines, buildings and other equipment that help firms produce their goods. While Figure 5 shows a similar story for investment, the relationship with capital in Figure 6 departs from the story. We need to pin down a better story; one way is to look at some statistics. </p> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Businesscycle_figure5.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3f/Businesscycle_figure5.jpg/300px-Businesscycle_figure5.jpg" decoding="async" width="300" height="241" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/3/3f/Businesscycle_figure5.jpg 1.5x" data-file-width="407" data-file-height="327" /></a><figcaption>FIGURE 5</figcaption></figure> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Businesscycle_figure6.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/07/Businesscycle_figure6.jpg/300px-Businesscycle_figure6.jpg" decoding="async" width="300" height="248" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/0/07/Businesscycle_figure6.jpg 1.5x" data-file-width="396" data-file-height="327" /></a><figcaption>FIGURE 6</figcaption></figure> <div class="mw-heading mw-heading2"><h2 id="Stylized_facts">Stylized facts</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Real_business-cycle_theory&action=edit&section=2" title="Edit section: Stylized facts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>We can infer several regularities by eyeballing the data, sometimes called <a href="/wiki/Stylized_facts" class="mw-redirect" title="Stylized facts">stylized facts</a>. One is persistence. For example, if we take any point in the series above the trend (the x-axis in Figure 3), the probability the next period is still above the trend is very high. However, this persistence wears out over time. Economic activity in the short run is quite predictable, but due to the irregular long-term nature of fluctuations, forecasting in the long run is much more difficult, if not impossible. </p><p>Another regularity is cyclical variability. Column A of Table 1 lists a measure of this with <a href="/wiki/Standard_deviations" class="mw-redirect" title="Standard deviations">standard deviations</a>. The magnitude of fluctuations in output and hours worked are nearly equal. Consumption and productivity are similarly much smoother than output, while investment fluctuates much more than output. The capital stock is the least volatile of the indicators. </p> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Businesscycle_table1.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Businesscycle_table1.jpg/250px-Businesscycle_table1.jpg" decoding="async" width="250" height="226" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/f/fc/Businesscycle_table1.jpg 1.5x" data-file-width="300" data-file-height="271" /></a><figcaption>TABLE 1</figcaption></figure> <p>Yet another regularity is the co-movement between output and the other macroeconomic variables. Figures 4 – 6 illustrate such a relationship. We can measure this in more detail using <a href="/wiki/Correlation" title="Correlation">correlations</a>, as in column B of Table 1. A procyclical variable has a positive correlation since it usually increases during booms and decreases during recessions. Vice versa, a <a href="/wiki/Countercyclical" class="mw-redirect" title="Countercyclical">countercyclical</a> variable has a negative correlation. An acyclical variable with a correlation close to zero implies no systematic relationship to the business cycle. We find that productivity is slightly procyclical, which suggests workers and capital are more productive when the economy is experiencing a boom. They are not quite as productive when the economy is experiencing a slowdown. Similar explanations follow for consumption and investment, which are strongly procyclical. Labor is also procyclical, while capital stock appears acyclical. </p><p>Observing these similarities yet seemingly non-deterministic fluctuations in trends, the question arises as to why this occurs. Since people prefer economic booms over recessions, if everyone in the economy makes optimal decisions, these fluctuations are caused by something outside the decision-making process. So, the key question is: "What main factor influences and subsequently changes the decisions of all factors in an economy?" </p><p>Economists have come up with many ideas to answer the above question. The one which currently dominates the academic literature on real business cycle theory<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (September 2015)">citation needed</span></a></i>]</sup> was introduced by <a href="/wiki/Finn_E._Kydland" title="Finn E. Kydland">Finn E. Kydland</a> and <a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a> in their 1982 work <i>Time to Build And Aggregate Fluctuations</i>. They envisioned this factor as technological shocks—i.e., random fluctuations in the productivity level that shifted the constant growth trend up or down. Examples of such shocks include innovations, bad weather, increased imports <a href="/wiki/Price_of_oil" title="Price of oil">oil price</a>, stricter environmental and safety regulations, etc. The general gist is that something directly changes the effectiveness of capital and/or labor. This affects the decisions of workers and firms, who in turn change what they buy and produce and thus eventually affect output. Given these shocks, RBC models predict time sequences of allocation for consumption, investment, etc. </p><p>But exactly how do these productivity shocks cause ups and downs in economic activity? Consider a positive but temporary shock to productivity. This momentarily increases the effectiveness of workers and capital, allowing a given level of capital and labor to produce more output. </p><p>Individuals face two types of tradeoffs. One is the consumption-investment decision. Since productivity is higher, people have more output to consume. An individual might choose to consume all of it today. But if he values future consumption, all that extra output might not be worth consuming today. Instead, he may consume some but invest the rest in capital to enhance production in subsequent periods and thus increase future consumption. This explains why investment spending is more volatile than consumption. The <a href="/wiki/Life-cycle_hypothesis" title="Life-cycle hypothesis">life-cycle hypothesis</a> argues that households base their consumption decisions on expected lifetime income, so they prefer "smooth" consumption over time. They will thus save (and invest) in periods of high income and defer consumption of this to periods of low income. </p><p>The other decision is the labor-leisure tradeoff. Higher productivity encourages substituting current work for future work since workers will earn more per hour today compared to tomorrow. More labor and less leisure results in greater output, consumption, and investment today. On the other hand, there is an opposing effect: since workers earn more, they may not want to work as much today and in the future. However, given the <a href="/wiki/Procyclical" class="mw-redirect" title="Procyclical">procyclical</a> nature of labor, it seems that the above <a href="/wiki/Substitution_effect" title="Substitution effect">substitution effect</a> dominates this <a href="/wiki/Income_effect" class="mw-redirect" title="Income effect">income effect</a>. </p><p>The basic RBC model predicts that given a temporary shock, output, consumption, investment,t, and labor, all rise above their long-term trends and formative deviation. Furthermore, since more investment means more capital is available, a short-lived shock may impact the future. That is, above-trend behavior may persist even after the shock disappears. This <a href="/wiki/Capital_accumulation" title="Capital accumulation">capital accumulation</a> is often referred to as an internal "propagation mechanism" since it may increase the persistence of shocks to output. </p><p>A string of such productivity shocks will likely result in a boom. Similarly, recessions follow a string of bad shocks to the economy. Without shocks, the economy would continue following the growth trend with no business cycles. </p><p>To quantitatively match the stylized facts in Table 1, <a href="/wiki/Finn_E._Kydland" title="Finn E. Kydland">Kydland</a> and <a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Prescott</a> introduced calibration techniques. Using this methodology, the model closely mimics many business cycle properties. Yet current RBC models have not fully explained all behavior, and <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economists</a> are still searching for better variations. </p><p>The main assumption in RBC theory is that individuals and firms respond optimally over the long run. It follows that business cycles exhibited in an economy are chosen in preference to no business cycles. This is not to say that people like to be in a recession. Slumps are preceded by an undesirable productivity shock, which constrains the situation. However, given these new constraints, people will still achieve the best outcomes possible, and markets will react efficiently. So when there is a slump, people choose to be in it because, given the situation, it is the best solution. This suggests <a href="/wiki/Laissez-faire" title="Laissez-faire">laissez-faire</a> (non-intervention) is the best policy of the government towards the economy, but given the abstract nature of the model, this has been debated. </p><p>A precursor to RBC theory was developed by <a href="/wiki/Monetary_economics" title="Monetary economics">monetary economists</a> <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> and <a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas</a> in the early 1970s. They envisioned that misperception of wages influenced people's decisions. Booms and recessions occurred when workers perceived wages as higher or lower than they were. This meant they worked and consumed more or less than otherwise. There would be no booms or recessions in a world of perfect information. </p> <div class="mw-heading mw-heading3"><h3 id="Calibration">Calibration</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Real_business-cycle_theory&action=edit&section=3" title="Edit section: Calibration"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Unlike estimation, which is usually used for constructing economic models, calibration only returns to the drawing board to change the model in the face of overwhelming evidence against the model being correct; this inverts the burden of proof away from the model builder. It is changing the model to fit the data. Since RBC models explain data ex-post, it is very difficult to <a href="/wiki/Falsifiability" title="Falsifiability">falsify</a> any one model that could be hypothesized to explain the data. RBC models are highly sample-specific, leading some<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch"><span title="The material near this tag possibly uses too-vague attribution or weasel words. (September 2014)">who?</span></a></i>]</sup> to believe they have little or no predictive power. </p> <div class="mw-heading mw-heading3"><h3 id="Structural_variables">Structural variables</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Real_business-cycle_theory&action=edit&section=4" title="Edit section: Structural variables"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Crucial to RBC models, "plausible values" for structural variables such as the discount and capital depreciation rates are used to create simulated variable paths. These tend to be estimated from econometric studies, with 95% confidence intervals. <sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2013)">citation needed</span></a></i>]</sup> If the full range of possible values for these variables is used, correlation coefficients between actual and simulated paths of economic variables can shift wildly, leading some to question how successful a model that only achieves a coefficient of 80% is. <sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2013)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criticisms">Criticisms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Real_business-cycle_theory&action=edit&section=5" title="Edit section: Criticisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The real business cycle theory relies on three assumptions which, according to economists such as <a href="/wiki/Greg_Mankiw" title="Greg Mankiw">Greg Mankiw</a> and <a href="/wiki/Larry_Summers" class="mw-redirect" title="Larry Summers">Larry Summers</a>, are unrealistic:<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>1. Large and sudden changes in available production technology drive the model. </p> <dl><dd>Summers noted that Prescott could not suggest any specific technological shock for an actual downturn apart from the oil price shock in the 1970s.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Furthermore there is no microeconomic evidence for the large real shocks that need to drive these models. Real business cycle models, as a rule, are not subjected to tests against competing alternatives<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> which are easy to support (<a href="#CITEREFSummers1986">Summers 1986</a>).</dd></dl> <p>2. Unemployment reflects changes in the amount people want to work. </p> <dl><dd><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a> argued that this assumption would mean that 25% unemployment at the height of the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> (1933) would be the result of a mass decision to take a long vacation.<sup id="cite_ref-Hoover_5-0" class="reference"><a href="#cite_note-Hoover-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></dd></dl> <p>3. Monetary policy is irrelevant to economic fluctuations. </p> <dl><dd>Nowadays, it is widely agreed that wages and prices do not adjust as quickly as needed to restore equilibrium. Therefore, most economists, even among the new classicists, do not accept the policy-ineffectiveness proposition.<sup id="cite_ref-Hoover_5-1" class="reference"><a href="#cite_note-Hoover-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup></dd></dl> <p>Another major criticism is that real business cycle models can not account for the dynamics displayed by the U.S. <a href="/wiki/Gross_national_product" class="mw-redirect" title="Gross national product">gross national product</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> As Larry Summers said: "(My view is that) real business cycle models of the type urged on us by [Ed] Prescott have nothing to do with the business cycle phenomena observed in the United States or other capitalist economies." —(<a href="#CITEREFSummers1986">Summers 1986</a>) </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Real_business-cycle_theory&action=edit&section=6" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 22em;"> <ul><li><a href="/wiki/Austrian_business_cycle_theory" title="Austrian business cycle theory">Austrian business cycle theory</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">Dynamic stochastic general equilibrium</a></li> <li><a href="/wiki/Lucas_critique" title="Lucas critique">Lucas critique</a></li> <li><a href="/wiki/Monetary-disequilibrium_theory" title="Monetary-disequilibrium theory">Monetary-disequilibrium theory</a></li> <li><a href="/wiki/New_classical_economics" class="mw-redirect" title="New classical economics">New classical economics</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesian economics</a></li> <li><a href="/wiki/Say%27s_law" title="Say's law">Say's law</a></li> <li><a href="/wiki/Welfare_cost_of_business_cycles" title="Welfare cost of business cycles">Welfare cost of business cycles</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Real_business-cycle_theory&action=edit&section=7" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFHelgadóttir2021" class="citation journal cs1">Helgadóttir, Oddný (2021). <a rel="nofollow" class="external text" href="https://doi.org/10.1080/09692290.2021.1997786">"How to make a super-model: professional incentives and the birth of contemporary macroeconomics"</a>. <i>Review of International Political Economy</i>. <b>30</b>: <span class="nowrap">252–</span>280. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F09692290.2021.1997786">10.1080/09692290.2021.1997786</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0969-2290">0969-2290</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:243791839">243791839</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Review+of+International+Political+Economy&rft.atitle=How+to+make+a+super-model%3A+professional+incentives+and+the+birth+of+contemporary+macroeconomics&rft.volume=30&rft.pages=%3Cspan+class%3D%22nowrap%22%3E252-%3C%2Fspan%3E280&rft.date=2021&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A243791839%23id-name%3DS2CID&rft.issn=0969-2290&rft_id=info%3Adoi%2F10.1080%2F09692290.2021.1997786&rft.aulast=Helgad%C3%B3ttir&rft.aufirst=Oddn%C3%BD&rft_id=https%3A%2F%2Fdoi.org%2F10.1080%2F09692290.2021.1997786&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCencini2005" class="citation book cs1">Cencini, Alvaro (2005). <span class="id-lock-limited" title="Free access subject to limited trial, subscription normally required"><a rel="nofollow" class="external text" href="https://archive.org/details/macroeconomicfou00cenc"><i>Macroeconomic Foundations of Macroeconomics</i></a></span>. Routledge. p. <a rel="nofollow" class="external text" href="https://archive.org/details/macroeconomicfou00cenc/page/n59">40</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-31265-3" title="Special:BookSources/978-0-415-31265-3"><bdi>978-0-415-31265-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomic+Foundations+of+Macroeconomics&rft.pages=40&rft.pub=Routledge&rft.date=2005&rft.isbn=978-0-415-31265-3&rft.aulast=Cencini&rft.aufirst=Alvaro&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmacroeconomicfou00cenc&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSummers1986" class="citation journal cs1"><a href="/wiki/Lawrence_Summers" title="Lawrence Summers">Summers, Lawrence H.</a> (Fall 1986). <a rel="nofollow" class="external text" href="https://www.minneapolisfed.org/research/QR/QR1043.pdf">"Some Skeptical Observations on Real Business Cycle Theory"</a> <span class="cs1-format">(PDF)</span>. <i>Federal Reserve Bank of Minneapolis Quarterly Review</i>. <b>10</b> (4): <span class="nowrap">23–</span>27.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Federal+Reserve+Bank+of+Minneapolis+Quarterly+Review&rft.atitle=Some+Skeptical+Observations+on+Real+Business+Cycle+Theory&rft.ssn=fall&rft.volume=10&rft.issue=4&rft.pages=%3Cspan+class%3D%22nowrap%22%3E23-%3C%2Fspan%3E27&rft.date=1986&rft.aulast=Summers&rft.aufirst=Lawrence+H.&rft_id=https%3A%2F%2Fwww.minneapolisfed.org%2Fresearch%2FQR%2FQR1043.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">George W. Stadler, <a rel="nofollow" class="external text" href="http://www.econ.ucdavis.edu/faculty/kdsalyer/LECTURES/Ecn200e/Stadler.pdf"><i>Real Business Cycles</i></a>, Journal of Economics Literatute [sic], Vol. XXXII, December 1994, pp. 1750–1783, see p. 1772</span> </li> <li id="cite_note-Hoover-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-Hoover_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Hoover_5-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="/wiki/Kevin_Hoover" title="Kevin Hoover">Kevin Hoover</a> (2008). <a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc/NewClassicalMacroeconomics.html">"New Classical Macroeconomics"</a>, econlib.org</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">George W. Stadler, <a rel="nofollow" class="external text" href="http://www.econ.ucdavis.edu/faculty/kdsalyer/LECTURES/Ecn200e/Stadler.pdf"><i>Real Business Cycles</i></a>, Journal of Economics Literatute, Vol. XXXII, December 1994, pp. 1750–1783, see p. 1769</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Real_business-cycle_theory&action=edit&section=8" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCooley1995" class="citation book cs1">Cooley, Thomas F. (1995). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=hfTf0u4JuRsC"><i>Frontiers of Business Cycle Research</i></a>. Princeton: Princeton University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-691-04323-4" title="Special:BookSources/978-0-691-04323-4"><bdi>978-0-691-04323-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Frontiers+of+Business+Cycle+Research&rft.place=Princeton&rft.pub=Princeton+University+Press&rft.date=1995&rft.isbn=978-0-691-04323-4&rft.aulast=Cooley&rft.aufirst=Thomas+F.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DhfTf0u4JuRsC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGomesGreenwood,_JeremyRebelo,_Sergio2001" class="citation journal cs1">Gomes, Joao; Greenwood, Jeremy; Rebelo, Sergio (2001). "Equilibrium Unemployment". <i>Journal of Monetary Economics</i>. <b>48</b> (1): <span class="nowrap">109–</span>152. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2FS0304-3932%2801%2900071-X">10.1016/S0304-3932(01)00071-X</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:2503384">2503384</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Monetary+Economics&rft.atitle=Equilibrium+Unemployment&rft.volume=48&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E109-%3C%2Fspan%3E152&rft.date=2001&rft_id=info%3Adoi%2F10.1016%2FS0304-3932%2801%2900071-X&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A2503384%23id-name%3DS2CID&rft.aulast=Gomes&rft.aufirst=Joao&rft.au=Greenwood%2C+Jeremy&rft.au=Rebelo%2C+Sergio&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHansen1985" class="citation journal cs1">Hansen, Gary D. (1985). "Indivisible labor and the business cycle". <i>Journal of Monetary Economics</i>. <b>16</b> (3): <span class="nowrap">309–</span>327. <a href="/wiki/CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.335.3000">10.1.1.335.3000</a></span>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2F0304-3932%2885%2990039-X">10.1016/0304-3932(85)90039-X</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Monetary+Economics&rft.atitle=Indivisible+labor+and+the+business+cycle&rft.volume=16&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E309-%3C%2Fspan%3E327&rft.date=1985&rft_id=https%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fsummary%3Fdoi%3D10.1.1.335.3000%23id-name%3DCiteSeerX&rft_id=info%3Adoi%2F10.1016%2F0304-3932%2885%2990039-X&rft.aulast=Hansen&rft.aufirst=Gary+D.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHeijdra2009" class="citation book cs1">Heijdra, Ben J. (2009). "Real Business Cycles". <i>Foundations of Modern Macroeconomics</i> (2nd ed.). Oxford: Oxford University Press. pp. <span class="nowrap">495–</span>552. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-921069-5" title="Special:BookSources/978-0-19-921069-5"><bdi>978-0-19-921069-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Real+Business+Cycles&rft.btitle=Foundations+of+Modern+Macroeconomics&rft.place=Oxford&rft.pages=%3Cspan+class%3D%22nowrap%22%3E495-%3C%2Fspan%3E552&rft.edition=2nd&rft.pub=Oxford+University+Press&rft.date=2009&rft.isbn=978-0-19-921069-5&rft.aulast=Heijdra&rft.aufirst=Ben+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKydlandPrescott,_Edward_C.1982" class="citation journal cs1">Kydland, Finn E.; Prescott, Edward C. (1982). "Time to Build and Aggregate Fluctuations". <i>Econometrica</i>. <b>50</b> (6): <span class="nowrap">1345–</span>1370. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F1913386">10.2307/1913386</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1913386">1913386</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Econometrica&rft.atitle=Time+to+Build+and+Aggregate+Fluctuations&rft.volume=50&rft.issue=6&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1345-%3C%2Fspan%3E1370&rft.date=1982&rft_id=info%3Adoi%2F10.2307%2F1913386&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1913386%23id-name%3DJSTOR&rft.aulast=Kydland&rft.aufirst=Finn+E.&rft.au=Prescott%2C+Edward+C.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLongPlosser,_Charles1983" class="citation journal cs1">Long, John B. Jr.; Plosser, Charles (1983). "Real Business Cycles". <i>Journal of Political Economy</i>. <b>91</b> (1): <span class="nowrap">39–</span>69. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F261128">10.1086/261128</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:62882227">62882227</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Political+Economy&rft.atitle=Real+Business+Cycles&rft.volume=91&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E39-%3C%2Fspan%3E69&rft.date=1983&rft_id=info%3Adoi%2F10.1086%2F261128&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A62882227%23id-name%3DS2CID&rft.aulast=Long&rft.aufirst=John+B.+Jr.&rft.au=Plosser%2C+Charles&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLucas1977" class="citation journal cs1">Lucas, Robert E. Jr. (1977). "Understanding Business Cycles". <i>Carnegie-Rochester Conference Series on Public Policy</i>. <b>5</b>: <span class="nowrap">7–</span>29. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2F0167-2231%2877%2990002-1">10.1016/0167-2231(77)90002-1</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Carnegie-Rochester+Conference+Series+on+Public+Policy&rft.atitle=Understanding+Business+Cycles&rft.volume=5&rft.pages=%3Cspan+class%3D%22nowrap%22%3E7-%3C%2Fspan%3E29&rft.date=1977&rft_id=info%3Adoi%2F10.1016%2F0167-2231%2877%2990002-1&rft.aulast=Lucas&rft.aufirst=Robert+E.+Jr.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPlosser1989" class="citation journal cs1">Plosser, Charles I. (1989). <a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fjep.3.3.51">"Understanding real business cycles"</a>. <i>Journal of Economic Perspectives</i>. <b>3</b> (3): <span class="nowrap">51–</span>77. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fjep.3.3.51">10.1257/jep.3.3.51</a></span>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1942760">1942760</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Perspectives&rft.atitle=Understanding+real+business+cycles&rft.volume=3&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E51-%3C%2Fspan%3E77&rft.date=1989&rft_id=info%3Adoi%2F10.1257%2Fjep.3.3.51&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1942760%23id-name%3DJSTOR&rft.aulast=Plosser&rft.aufirst=Charles+I.&rft_id=https%3A%2F%2Fdoi.org%2F10.1257%252Fjep.3.3.51&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRomer2011" class="citation book cs1"><a href="/wiki/David_Romer" title="David Romer">Romer, David</a> (2011). "Real-Business-Cycle Theory". <i>Advanced Macroeconomics</i> (Fourth ed.). New York: McGraw-Hill. pp. <span class="nowrap">189–</span>237. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-07-351137-5" title="Special:BookSources/978-0-07-351137-5"><bdi>978-0-07-351137-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Real-Business-Cycle+Theory&rft.btitle=Advanced+Macroeconomics&rft.place=New+York&rft.pages=%3Cspan+class%3D%22nowrap%22%3E189-%3C%2Fspan%3E237&rft.edition=Fourth&rft.pub=McGraw-Hill&rft.date=2011&rft.isbn=978-0-07-351137-5&rft.aulast=Romer&rft.aufirst=David&rfr_id=info%3Asid%2Fen.wikipedia.org%3AReal+business-cycle+theory" class="Z3988"></span></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid 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<li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"></div><div role="navigation" class="navbox" aria-labelledby="Macroeconomics288" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics" title="Template:Macroeconomics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics" title="Template talk:Macroeconomics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics" title="Special:EditPage/Template:Macroeconomics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Macroeconomics288" style="font-size:114%;margin:0 4em"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Basic concepts</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Policies</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Models</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a></li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related fields</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Mainstream</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li>Real business-cycle theory</li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Heterodox</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></div></div></div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Notable <a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">macroeconomists</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></div></div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Critique</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="font-weight:bold;"><div><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">Category</a></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; 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