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The Evolution of Endogenous Business Cycles
2012
Social Science Research Network
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This paper distinguishes between two kinds of Endogenous Business Cycle models, and discusses the evolution from first generation EBC1 models to second generation EBC2 models. I argue that EBC1 models, which display dynamic indeterminacy, are part of the evolution of modern macroeconomics that has classical roots dating back to the 1920s. EBC2 models, which display steady-state
doi:10.2139/ssrn.2192352
fatcat:fwpuxnchangefk44zt3wtzdfhi