Carnegie-Rochester Conference Series on Public Policy
Выпуски:
Опубликовано на портале: 24-06-2004
Edward C. Prescott
Carnegie-Rochester Conference Series on Public Policy.
1986.
Vol. 25.
P. 11-44.
Recent developments in business cycle theory are reviewed. The principal finding
is that the growth model, which was developed to account for the secular patterns
in important economic aggregates, displays the business cycle phenomena once it incorporates
the observed randomness in the rate of technological advance. The amplitudes and
serial correlation properties of fluctuations in output and employment that the growth
model predicts match those historically experienced in the United States. Further,
the model continues to display the growth facts it was developed to explain.

