Knut Wicksell
Real Business Cycle Theorist
Bibliographic Data
| ID | 10492917 |
|---|---|
| Authors | Tony Caporale (Ohio University, corresponding author) |
| Year | 1993 |
| Volume | 40 |
| Issue | 4 |
| Pages | 471-476 |
| Publication date | 1993-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Scottish Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0036-9292 • E-ISSN: 1467-9485 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/j.1467-9485.1993.tb00668.x |
| OpenAlex | W2129873318 |
| Language | EN |
| References cited | 8 |
This essay argues that Knut Wicksell's trade cycle theory was an older version of real business cycle theory. Wicksell and modern real business cycle theorists both view technology shocks as the initial cause of business cycles. They also both explain money-income correlations as examples of reverse causality. However, Wicksell's analysis of credit market disequilibrium serving as a 'propagation mechanism' in his theory differentiates his analysis from that of modern real business cycle theory. Copyright 1993 by Scottish Economic Society
Business cycle · Citation · Economics · Keynesian economics · Monetary policy · Neutrality · Political science · Politics · Reinterpretation · Economic theories and models · Economic Theory and Policy · Law · Monetary Policy and Economic Impact · Philosophy
| Citation velocity | historical |
|---|---|
| Highly cited | No |