The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Business Cycles

  • Michael Dotsey
  • Robert G. King
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_244

Abstract

Development of rational expectations models of the business cycle has been the central issue on the macroeconomic research agenda since the influential analyses of Robert Lucas (1972a, b). In this essay, we review these developments, focusing on the extent to which the rational expectations perspective has generated a new understanding of economic fluctuations.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Michael Dotsey
    • 1
  • Robert G. King
    • 1
  1. 1.