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An Equilibrium Model of the Business Cycle
Open accessAbstract
This paper develops a theoretical example of a business cycle, that is, a model economy in which real output undergoes serially correlated movements about trend which are not explainable by movements in the availability of factors of production. The mechanism generating these movements involves unsystematic monetary-fiscal shocks, the effects of which are distributed through time due to information lags and an accelerator effect. Associated with these output movements are procyclical movements in prices, procyclical movements in the share of output devoted to investment, and, in a somewhat limited sense, procyclical movements in nominal rates of interest.
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Citations
Cited by
Trends and random walks in macroeconmic time series
Nelson, C. R., & Plosser, C. R. (1982) · Journal of Monetary Economics · doi:10.1016/0304-3932(82)90012-5 · Cited by 4,665
On Endogenous Competitive Business Cycles
Grandmont, J.-M. (1986) · Lecture Notes in Economics and Mathematical Systems · doi:10.1007/978-3-642-51645-0_2 · Cited by 667
Forecasting the Forecasts of Others
Townsend, R. M. (1983) · Journal of Political Economy · doi:10.1086/261166 · Cited by 458
Exposure to Grocery Prices and Inflation Expectations
D’Acunto, F., Malmendier, U., Ospina, J., & Weber, M. (2021) · Journal of Political Economy · doi:10.1086/713192 · Cited by 363
Institutions and the Free Rider: The Assurance Problem in Collective Action
Runge, C. F. (1984) · The Journal of Politics · doi:10.2307/2130438 · Cited by 290
Metadata
- Authors
- Lucas
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1975-12
- Volume
- 83
- Issue
- 6
- Pages
- 1113-1144
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2107848170
- Cited by
- 1,026
- References
- 0
- FWCI
- 37.54
- Type
- journal article
- Language
- en
- Open access
- green
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- Lucas. (1975). An Equilibrium Model of the Business Cycle. Journal of Political Economy. https://doi.org/10.1086/260386
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