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Author Question: Discuss new classical economics and real business cycle theory. What will be an ideal ... (Read 41 times)

charchew

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on: Jun 30, 2018
Discuss new classical economics and real business cycle theory.
 
  What will be an ideal response?

Question 2

The intellectual leader of new classicals is
 
  A) Edward Prescott.
  B) John Taylor.
  C) Stanley Fischer.
  D) Ben Bernanke.


asdfghjkl;

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Reply #1 on: Jun 30, 2018
Answer to Question 1

New classical economics refers to that area of research where it is assumed that there is sufficient wage and price flexibility. It was a fairly logical extension of Lucas' work on rational expectations. Real business cycle theory attempts to explain fluctuations in output as changes in the natural level of output.

Answer to Question 2

A


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