Business Cycles: Theory, Evidence and Implications
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NBER Working Paper No. 5994
Issued in April 1997
NBER Program(s): EFG
This paper looks at recent advances in the study of aggregate fluctuations. Our emphasis is on three prominent areas of research: the stochastic growth model, economies which exhibit macroeconomic complementarities and models that emphasize heterogeneity. Each section of the paper outlines the theory, discusses relevant empirical evidence and then discusses some implications of the analysis.
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