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HOME | Definition of real business cycle theory (REAL BUSINESS CYCLE THEORY, Real business cycle theory)

A theory that regards random fluctuations in productivity that result from technological change as the main source of economic fluctuations.
http://www.econ100.com/eu5e/open/glossary.html

A theory of aggregate fluctuations based on the existence of flexible wages, rational behaviour and random shocks to the economy's aggregate production function.
http://www.booksites.net/download/mcaleese/student_files/glossary.html

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