Robert Lucas has popularized the notion that with respect to
A) severity, business cycles are all alike.
B) causation, business cycles are all alike.
C) quantitative behaviour of comovements among series, business cycles are all alike.
D) qualitative behaviour of comovements among series, business cycles are all alike.
E) deviations from trend real GDP, business cycles over time are all alike.

Question

Quizplus · Accepted Answer

Robert Lucas is known for his work on the "real business cycle" theory, which argues that business cycles are primarily driven by changes in technology and productivity. As part of this theory, he has argued that the qualitative behavior of comovements among economic variables (such as employment, consumption, and investment) is similar across business cycles. In other words, the types of relationships and correlations between variables that we observe during one business cycle are likely to be similar to what we observe during another business cycle. However, this does not necessarily apply to the other factors listed in the answer choices.

Robert Lucas Has Popularized the Notion That with Respect to