[lbo-talk] Credit crunch a myth?

Shane Taylor shane.taylor at verizon.net
Sat Jan 3 08:13:56 PST 2009


SA wrote:


> That's not what Real Business Cycle theory says. It says
> the opposite - fluctuations are caused by changes in real
> technological or supply shifts that take place regularly
> over the business cycle, so booms and busts are "natural"
> outgrowths of the market economy and can't be ameliorated
> by monetary policy.

How is that the opposite? Are changes in real technological endogenous to them?

Shane



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