Real Business Cycle theory combines the remains of monetarism with the new classical macroeconomics, and has become one of the dominant approaches within contemporary macroeconomics today. This volume presents:* the authoritative anthology in RBC. The work contains the major articles introducing and extending the theory as well as critical literature* an extensive introduction which contains an expository summary and critical evaluation of RBC theory* comprehensive coverage and balance between seminal papers and extensions; proponents and critics; and theory and empirics.Macroeconomics is a compulsory element in most economics courses, and this book will be an essential guide to one of its major theories.
