Abstract The Real Business Cycle (RBC) research program has grown specularly over the
last decade, as its concepts and methods have diffused into mainstream macroeconomics …

Publisher Summary This chapter summarizes the ability of the models to track the shift in
departure rates induced by the 1982 window plan. All forecasts were based on the …

We study the long-term impact of climate change on economic activity across countries,
using a stochastic growth model where productivity is affected by deviations of temperature …

We present a qualitative and quantitative analysis of the standard growth model modified to
include precautionary saving motives and liquidity constraints. We address the impact on the …

We investigate the role of uncertainty in business cycles. First, we demonstrate that
microeconomic uncertainty rises sharply during recessions, including during the Great …

A comprehensive, rigorous, and up-to-date introduction to growth economics that presents
all the major growth paradigms and shows how they can be used to analyze the growth …

Three eminent economists provide in this book a rigorous, self-contained treatment of
modern economic dynamics. Nancy L. Stokey, Robert E. Lucas, Jr., and Edward C. Prescott …

This paper presents the neoclassical model of capital accumulation augmented by choice of
labor supply as the basic framework of modern real business cycle analysis. Preferences …

A crucial challenge for economists is figuring out how people interpret the world and form
expectations that will likely influence their economic activity. Inflation, asset prices, exchange …

Economists have long been puzzled by the observations that during peacetime industrial
market economies display recurrent, large fluctuations in output and employment over …