Business Cycles: Theory, Evidence and Policy Implications
综述了经济周期研究的三方面进展：随机增长模型、宏观互补性经济以及强调异质性的模型，每部分都梳理了理论、实证证据和政策含义。
This paper looks at recent advances in the study of aggregate fluctuations. The emphasis is on three prominent areas of research: the stochastic growth model, economies which exhibit macroeconomic complementarities and models that emphasize heterogeneity. Each section of the paper outlines the theory, examines relevant empirical evidence and then discusses some policy implications of the analysis.