Sample Essay on:
New Keynesian Macroeconomics Versus Real Business Cycle Theory; Can they be seen as Complimentary Theories?

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Essay / Research Paper Abstract

This 12 page paper agues that these two schools of macroeconomic thought are not as contradictory as assumed, and that in reality real world applications can be seen as a synthesis of these two models. The bibliography cites 5 sources.

Page Count:

12 pages (~225 words per page)

File: TS14_TErbctnk.rtf

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Unformatted sample text from the term paper:

economies operate, for if understanding is gained management may be achieved and economies manipulated or guided into more stable patterns. The most common schools of thought are the Classical School and the Keynesian School of though. Although apparently diametrically opposed on many points, there are also some facts that appear to result in agreement, and as such, although a large leap, we can quiet convincing argue that in different scenarios the different models may be accurate. In reality we see the reactions of the complex economy to behave in a manner that may be explained by one or the other school, with neither being one hundred percent correct. When we look at the modern world, where there have been many developments and updates to these models. One of the new arguments is that of New Keynesian macroeconomics on one side and real business cycle theory (RBCT) on the other. These both seek to develop ideas already in place and consider the new environment. However, in looking at these two different schools of thought we can make the proposal that these two different models are merely different aspects of the economies, and that any real world application needs to be able to embrace aspects of both, making the argument sterile. In order to consider this we need to consider the real models, and then apply our understanding of macroeconomics to a real world scenarios where there are real swings, rather than minute changes. If we consider real business cycle theory (RBCT) then we can see that this is one of the more modern models that has developed in response to the way the world is changing and the greater number of influences that are now ...

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