The Concept of Real Economic Cycles and Its Role in Evolution of Macroeconomics

Oleg A. Zamulin

VOPROSY ECONOMIKI, 2005, vol. 1

Abstract: The article discusses the contribution of the 2004 Nobel Prize winners in Economics, F. Kydland and E. Prescott, to business cycle theory. To place this contribution in historical perspective, development of macroeconomic science at large, beginning with 1930s, is discussed, including the early Keynesian theories, rational expectations revolution, and the modern debate between New Keynesians and New Classicals. Special emphasis is then made on the differences between the modern general equilibrium theories proposed by Kydland and Prescott and the supporters of theories based on sticky prices and imperfect information. The article is concluded by a discussion of room for consensus between these two branches of macroeconomics.

Date: 2005
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Persistent link: http://EconPapers.repec.org/RePEc:nos:voprec:2005-01-7

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