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In RBC models, business cycles are described as "real" because they reflect optimal adjustments by economic agents rather than failures of markets to clear. As a result, RBC theory suggests that governments should concentrate on long-term structural change rather than intervention through discretionary fiscal or monetary policy .
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. [1]
Libecap, Gary D. "The rise of the Chicago packers and the origins of meat inspection and antitrust," Economic inquiry (1992) 30#2 pp 242–262. Magill, ed., Frank N. "The Supreme Court upholds Prosecution of the Beef Trust," in Great Events from History II: Business and Commerce Series Volume 1 1897-1923 (1994) pp 107-111
This brief addresses challenges raised in two separate summary judgment motions: the Plaintiffs’ motion in PEER v. Beaudreau2 and the Plaintiffs’ Motion in Wampanoag Tribe of Gay Head (Aquinnah) v. Beaudreau. Amici focus on those issues on which they have greatest expertise.
Most economic models rest on a number of assumptions that are not entirely realistic. For example, agents are often assumed to have perfect information, and markets are often assumed to clear without friction. Or, the model may omit issues that are important to the question being considered, such as externalities. Any analysis of the results of ...
Fallout from the ongoing "robo-signing" foreclosure scandal may cost major banks billions, shake the foundations of the fragile housing market and threaten the stability of the U.S. economy, ...
"You have two cows" is a political analogy and form of early 20th century American political satire to describe various economic systems of government. The setup of a typical joke of this kind is the assumption that the listener lives within a given system and has two cows , a very relatable occupation across countries and national boundaries.
The new neoclassical synthesis (NNS), which is occasionally referred as the New Consensus, is the fusion of the major, modern macroeconomic schools of thought – new classical macroeconomics/real business cycle theory and early New Keynesian economics – into a consensus view on the best way to explain short-run fluctuations in the economy.