Chapter 16 - Assignment 1: Business Cycles
Chapter 16 - Assignment 1: Business Cycles
Read Roger Farmer's discussion of Business Cycles.
- Explain why Farmer argues that Keynesians and monetarists had a common framework for debate. On what did they agree? What were the major sources of disagreement?
- Why did the economic experience of the late 1970s and early 1980s lead to some dissatisfaction with the existing Keynesian and monetarist theories?
- According to this discussion, on what grounds did Lucas critique Keynesian and monetarist theories?
- How is the debate between new Keynesians and new classical economists similar to the earlier debate between Keynesians and monetarists? In what ways does the argument differ?
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