RBC Methodology and the Development of Aggregate Economic Theory

Edward Prescott

Chapter Chapter 22 in Handbook of Macroeconomics, 2016, vol. 2, pp 1759-1787 from Elsevier

Abstract: This essay reviews the development of neoclassical growth theory, a unified theory of aggregate economic phenomena that was first used to study business cycles and aggregate labor supply. Subsequently, the theory has been used to understand asset pricing, growth miracles and disasters, monetary economics, capital accounts, aggregate public finance, economic development, and foreign direct investment.

Keywords: Neoclassical growth theory; Aggregate economic theory; RBC methodology; Aggregation; Business cycle fluctuations; Development; Aggregate financial economics; Prosperities; Depressions; B4; C10; E00; E13; E32; E60 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (3)

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Related works:
Working Paper: RBC Methodology and the Development of Aggregate Economic Theory (2016)
Working Paper: RBC Methodology and the Development of Aggregate Economic Theory (2016)
Working Paper: RBC Methodology and the Development of Aggregate Economic Theory (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:macchp:v2-1759

DOI: 10.1016/bs.hesmac.2016.03.001

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