NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Real Business Cycles: A New Keynesian Perspective

N. Gregory Mankiw

NBER Working Paper No. 2882 (Also Reprint No. r1287)
Issued in October 1989
NBER Program(s):   EFG   ME

This paper is a critique of the latest new classical theory of economic fluctuations. According to this theory, the business cycle is the natural and efficient response of the economy to exogenous changes in the available production technology. This paper discusses several versions of this theory and argues that this line of research is unlikely to yield an empirically plausible explanation of observed economic fluctuations.

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Document Object Identifier (DOI): 10.3386/w2882

Published: Journal of Economic Perspectives, Vol. 3, No. 3, pp. 79-90, (Summer 1989).

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