Gaggl, Paul; Bilek-Steindl, Sandra - 2007
factors. This
dichotomy was broken by the introduction of
the socalled Real Business Cycle (RBC) theory
initiated by Kydland … sta-
tic general equilibrium theory to a dynamic
stochastic environment, models of this brand
are nowadays referred to as … macroeconomic research.
This paper reviews the evolution of modern
macroeconomic theory and in particular tries
to highlight the …