Real business-cycle theory

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Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations are accounted for by real, in contrast to nominal, shocks. RBC theory sees business cycle fluctuations as the efficient response to exogenous changes in the real economic environment.

Excerpt from the Wikipedia article “Real business-cycle theory”, under the CC BY-SA 4.0 license. Read the article on Wikipedia