Antonio Fatás on Hysteresis and the Business Cycle
Macro Musings with David Beckworth
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The Real Business Cycle
The great inflation forced people to think about that trend growth and separating it from the cyclical part. Kidlin and Prescott's 1982 paper, The Real Business Cycle, is a pivotal development in this story. It was sort of a very strong formalization of ideas that were very neat. Even today, people who have a Keynesian view of the world typically start with a model that resembles a real business cycle model.
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