On "Real" and "Sticky-Price" Theories of the Business Cycle
识别了真实商业周期模型的特征，审视了支持该模型的三种证据（校准一般均衡模型、向量自回归方差分解、单变量趋势与周期分解），认为这些证据对RBC假说支持不足，并提出了名义价格粘性的部分合理化解释。
This paper begirE by identifying the distinguishing characteristic of the "real business cycle" (RBC) class of macroeconomic models.It then scruitinizes existing evidence, presented in support of the RBC approach, of three types: calibrated general equilibrium models with no monetary sector, vector-autoregression variance decomposition results, and univariate measurements of trend and cyclical components.It is argued that, in fact, these types of evidence have so far provided little support for the RBC hypothesis.Finally, with regard to an important alternative hypothesis concerning macroeconomic fluctuations, the paper proposes a partial rationalization for the stickiness of nominal product prices.