I've been thinking a bit lately about theories of the business cycle (a lot of time for reflection in these days of COVID-19). At least, the way some of these theories have evolved over my lifetime and from the perspective of my own training in the field. From my (admittedly narrow) perspective as a researcher and advisor at a central bank, the journey beginning c. 1960 seems like it's taken the following steps: (1) Phillips Curve and some Natural Rate Hypothesis; (2) Real Business Cycle (RBC...
