| Recommended Reading List |
1.The Real Business Cycle Theory1.1 The Theory1. Kydland and Prescott, \\Rules Rather than Discretion,\" JPE 1977.2. Kydland and Prescott, \\Time to Build and Aggregate Fluctuations,\" ECMA 1982.3. Long and Plosser, \\Real Business Cycles,\" JPE 1983.4. Hansen, \\Indivisible Labor and the Business Cycle,\" JME 1985.5. Prescott, \\Theory Ahead of Business Cycle Measurement,\" FRB Minneapolis Review 1986.6. Summers, \\Some Skeptical Observations on Real Business Cycle Theory,\" 1986.7. Prescott, \\Reply to a Skeptic,\" 1986.8. King, Plosser, Rebelo, \\Production, Growth, and Business Cycles I: The Basic Neoclassical Model,\" JME 1988.9. King, Plosser, Rebelo, \\Production, Growth, and Business Cycles II: New Directions,\" JME 1988.10. Cooley and Hansen, \\The Welfare Costs of Moderate Ination,\" JMCB 1993.11. Campbell, \\Inspecting the Mechanism,\" AER 1994.12. Stadler, \\Real Business Cycles,\" JEL 1994.13. King and Rebelo, \\Resuscitating Real Business Cycles,\" Handbook of Macro 1999.14. Rebelo, \\Real Business Cycles: Past, Present, and Future,\" 2005.1.2 Criticism1. Rotemberg and Woodford, \\Markups and the Business Cycle,\" MA 1991.2. Cogley and Nason, \\Output Dynamics and Real Business Cycle Models,\" AER 1995.3. Rotemberg and Woodord, \\RBC Models and Forecastable Movements in Output, Hours, and Consumption,\"AER 1996.4. Gali, \\Do Technology Shocks Explain Aggregate Fluctuations?\" AER 1996.5. Chow, \\How the Basic RBC Model Fails to Explain US Time Series,\" JME 1998.6. Gali and Rabanal, \\Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit thePostwar Data?\" MA 2004.7. Basu, Fernald, and Kimball, \\Are Technology Improvements Contractionary?\" AER 2006. (\\Yes.\")8. Beaudry and Portier, \\News, Stock Prices and Economic Fluctuations,\" AER 2006.2. New Keynesian Economics2.1 The Theory1. Fischer, \\Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule,\" JPE 1977.2. Taylor, \\Aggregate Dynamics and Staggered Contracts,\" JPE 1980.3. Gordon, \\Output Fluctuations and Gradual Price Adjustment,\" JEL 1981.4. Gordon, \\Price Inertia and Policy Ineectiveness in the United States,\" JPE 1982.5. Rotemberg, \\Monopolistic Price Adjustment and Aggregate Output,\" RES 1982.6. Rotemberg, \\Sticky Prices in the United States,\" JPE 1982.7. Calvo, \\Staggered Prices in a Utility-Maximizing Framework,\" JME 1983.8. Blanchard and Kiyotaki, \\Monopolistic Competition and the Eects of Aggregate Demand,\" AER 1987.9. Gordon, \\What is New Keynesian Economics?\" JEL 1990.10. Taylor, \\Discretion vs Policy Rules in Practice,\" CR 1993.11. Ball and Mankiw, \\A Sticky-Price Manifesto,\" CR 1994.12. Obstfeld and Rogo, \\Exchange Rate Dyanamics Redux,\" QJE 1995.13. Yun, \\Nominal price rigidity, money supply endogeneity, and business cycles,\" JME 1996.14. Goodfriend and King, \\The New Neoclassical Synthesis and the Role of Monetary Policy,\" MA 1997.15. Clarida, Gali, and Gertler, `The Science of Monetary Policy,\" JEL 1999.16. King, \\The New IS-LM Model: Language, Logic, and Limits,\" Economic Quarterly 2000.17. Ireland, \\Technology Shocks in a New Keynesian Model,\" REStat 2004.18. Christiano, Eichenbaum, and Evans, \\Nominal Rigidities and the Dynamic Eects of a Shock to MonetaryPolicy,\" JPE 2005.19. Smets and Wouters, \\Shocks and Frictions in US Business Cycles,\" AER 2007.20. Hall, \\How Much Do We Understand about the Modern Recession?\" BPEA 2007.21. Blanchard and Gali, \\Real Wage Rigidities and the New Keynesian Model,\" JMCB 2007.22. Gali, \\The NK Approach to Monetary Policy Analysis: Lessons and New Directions,\" 2008.23. Blanchard, \\The State of Macro,\" AEJ 2008.24. Ireland, \\A New Keynesian Perspective on the Great Recession,\" JMCB 2011.2.2 Criticism1. Chari, Kehoe, and McGratten, \\Sticky Price Models of the Business Cycle,\" ECTA 2000.2. Chari, Kehoe, and McGratten, \\New Keynesian Models: Not Yet Useful,\" AEJ Macro 2009. |
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