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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
- UGC NET
- Economics
Please explain - international real business cycle and price adjustments
Please explain - International Real Business Cycle and Price Adjustments
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International real business cycle is a class of new classical macroeconomic model in which business-cycle fluctuations to a large extent can be accounted for by real (in contrast to nominal) shocks. Unlike other leading theories of the business cycle, RBC theory sees business cycle fluctuations as the efficient response to exogenous changes in the real economic environment. That is, the level of national output necessarily maximizes expected utility, and governments should therefore concentrate on long-run structural policy changes and not intervene through discretionary fiscal or monetary policy designed to actively smooth out economic short-term fluctuations. when we do the output adjust the prices adjusted accordingly for details of this international business cycle model please refer book.
it's international real business cycle... and for this. which book i refer. or any website ??
please explain me this in context with international real business cycle.
you can look the advanced international trade written by tresta.
this is book
please refer these pages