高级宏观经济学课件(厦门大学,龚敏)Chapter4.docVIP

Chapter 4 REAL-BUSINESS-CYCLE THEORY Introduction: Some Facts and Theories of Fluctuations A Baseline Real-Business-Cycle Model Empirical Applications Extension and Limitations Introduction: Some Facts and Theories of Fluctuations Some Facts about Economic Fluctuations Theories of Fluctuations A Baseline Real-Business-Cycle Model The model is a discrete-time variation of the Ramsey model of Chapter 2. The economy consists of a large number of identical, price-taking firms and a large number of identical, price-taking households. Households are infinitely lived. ? the production function