Alho, Kari E. O. (contributor); Nikula, Nuutti (contributor) - 2007
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nomics. In his seminal paper Galí (1999) criticised the basic result of the real business cycle
(RBC) theory that … boils down to the issue of the relevance of various approaches in
business cycle analysis, i.e. the RBC vs. New Keynesian … paradigm. Aside from the theoretical
and empirical controversy of a proper business cycle model, there is an important policy …