Real Business Cycle Models of the Great Depression : A critical Survey

Pensieroso, Luca
(2007) Journal of Economic Surveys — Vol. 21, n° 1, p. 110-142 (2007)

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Abstract
Recent years have witnessed a revival of interest in the Great Depression of the 1930s. Among the differing new interpretations, the real business cycle (RBC) approach is particularly significant. It represents an outstanding methodological innovation in trying to cast the Great Depression within an ‘equilibrium’ framework. This paper critically reviews the RBC interpretation of the Great Depression, clarifying its theoretical and methodological foundations, and paving the way for future assessments of its validity.
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Pensieroso, L. (2007). Real Business Cycle Models of the Great Depression : A critical Survey. Journal of Economic Surveys, 21(1), 110-142. https://doi.org/10.1111/j.1467-6419.2007.00500.x (Original work published 2007)