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REAL BUSINESS CYCLES AFTER THREE DECADES

A Panel Discussion with Edward Prescott, Finn Kydland, Charles Plosser, John Long, Thomas Cooley, and Gary Hansen

Published online by Cambridge University Press:  17 December 2013

Sumru Altug  and
Warren Young
Sumru Altug*
Affiliation:
Koç University
Warren Young
Affiliation:
Bar Ilan University
*
Address correspondence to: Sumru Altug, Department of Economics, Koç University, Rumelifeneri Yolu, Sarı yer 34450, Istanbul, Turkey; e-mail: [email protected].
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Abstract

The transcript of a panel discussion marking three decades of the real business cycle approach to macroeconomic analysis as manifested in Kydland and Prescott's “Time to Build” (Econometrica, 1982) and Long and Plosser's “Real Business Cycles” (Journal of Political Economy, 1983). The panel consists of Edward Prescott, Finn Kydland, Charles Plosser, John Long, Thomas Cooley, and Gary Hansen. The discussion is moderated by Sumru Altug and Warren Young. The panel touches on a wide variety of issues related to real business cycle models, including their history and methodology, starting with the work of Prescott and Kydland at Carnegie Tech and Plosser and Long at Rochester; their applications to policy; and their role in the recent financial crisis and likely future.

The panel discussion was held in a session sponsored by the History of Economics Society at the Allied Social Sciences Association (ASSA) meetings in the Randle A Room of the Manchester Grand Hyatt Hotel in San Diego, California.

Keywords

Real Business CyclesAggregate Dynamic EconomicsQuantitative MethodsHistory and Methodology of RBC ModelsKydland–Prescott ContributionsLong–Plosser Contributions
Type
MD Dialogue
Information
Macroeconomic Dynamics , Volume 19 , Issue 2 , March 2015 , pp. 425 - 445
Copyright
Copyright © Cambridge University Press 2013 

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References

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