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Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations are accounted for by real, in contrast to nominal, shocks. [1] RBC theory sees business cycle fluctuations as the efficient response to exogenous changes in the real economic environment.
Critique of DSGE-style macromodeling is at the core of Austrian theory, where, as opposed to RBC and New Keynesian models where capital is homogeneous [note 10] capital is heterogeneous and multi-specific and, therefore, production functions for the multi-specific capital are simply discovered over time.
RBC Global Asset Management UK, originally known as Royal Trust Global Investment Group, was founded in 1996. [ 5 ] Royal Bank of Canada agreed to acquire the company in October 2010, in a deal valued at £963 million ($1.54 billion), [ 6 ] completed on 17 December 2010.
Our disciplined approach to capital allocation allowed us to return $4.4 billion to shareholders over the course of 2024 through our cash dividend and the repurchase of 6.7 million shares.
The model operates with a production function where national output is the product of two inputs: capital and labor. The Solow model assumes that labor and capital are used at constant rates without the fluctuations in unemployment and capital utilization commonly seen in business cycles. [33]
From a 2007 peak to the 2009 trough, Ciovacco Capital Management notes that 18 of the largest utility stocks in the U.S. fell by around 30% on average. As awful as that sounds, the S&P 500 fell by ...
We executed capital expenditures in 2024 of $1.3 billion, in line with the guidance provided, with the cash outflow being $1.1 billion and the remainder to be paid in 2025.
These models also included a "stochastic" element created by shocks to the economy. In the original RBC models these shocks were limited to technological change, but more recent models have incorporated other real changes. [191] Econometric analysis of DSGE models suggested that real factors sometimes affect the economy.