Journal of Economic Perspectives: Vol. 3 No. 3 (Summer 1989)


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Understanding Real Business Cycles

Article Citation

Plosser, Charles I. 1989. "Understanding Real Business Cycles." Journal of Economic Perspectives, 3(3): 51-77.

DOI: 10.1257/jep.3.3.51


This brief essay is intended to provide readers with an introduction to the real business cycle approach to business fluctuations. It discusses the basic real business cycle framework; economic growth and business cycles; real business cycles and the 1954-1985 U.S. economy; government policies and suboptimal equilibrium; and the real business cycle research agenda. An appendix presents a more technical summary of the basic neoclassical model presented in the paper.

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Plosser, Charles I. (U Rochester)

JEL Classifications

131: Economic Fluctuations--Theory
131: Economic Fluctuations--Studies


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