Raízes unitárias, flutuações econômicas e a "persistência" dos choques
By: NUNES, João Marcus Marinho
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ArticlePublisher: São Paulo : Nobel, abr./jun. 1995Revista de Economia Política = Brazilian Journal of Political Economy 15, 2, p. 50-75Abstract: The relative importance of different shocks on the level of economic activity has been a hot subject of research over the last 25 years. The traditional view, retained by Keynesians and Monetarists alike, is that shocks to aggregate demand are the impulses to economic fluctuations, a phenomenon independent of growth. A succession of real shocks and technological transformations gave rise to what is known as Real Business Cycle Theory. Proponents of real business cycles do not consider growth separately from fluctuations and seek to explain economic fluctuations abstracting from monetary considerations. This paper reviews the empirical evidence on the permanence of shocks. Although much can be said for the interdependence between growth and fluctuations it also concludes, contrary to the RBC view, that economic policy is important in generating an environment conducive to growth
The relative importance of different shocks on the level of economic activity has been a hot subject of research over the last 25 years. The traditional view, retained by Keynesians and Monetarists alike, is that shocks to aggregate demand are the impulses to economic fluctuations, a phenomenon independent of growth. A succession of real shocks and technological transformations gave rise to what is known as Real Business Cycle Theory. Proponents of real business cycles do not consider growth separately from fluctuations and seek to explain economic fluctuations abstracting from monetary considerations. This paper reviews the empirical evidence on the permanence of shocks. Although much can be said for the interdependence between growth and fluctuations it also concludes, contrary to the RBC view, that economic policy is important in generating an environment conducive to growth
Revista de Economia Política 1995
v. 15, n. 2(58)
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