Round 3: Tossup 7
Misleading causation in data about these phenomena in Latvia inspired a Simon Wren-Lewis thought experiment concerning half of the economy. These phenomena are the subject of the plucking model, which opposes the natural rate view of them. A theory about these phenomena popularized a tool that removes a component of a time series called an HP filter. Technology drives the longest of these phenomena called Kondratiev waves, according to a typology of them by Joseph Schumpeter. General equilibrium analysis was applied to these phenomena by Kydland and Prescott, who suggested they are not a result of nominal, supply-side shocks in their “real” theory of them. For 10 points, name these phenomena in macroeconomics that consist of periodic booms and recessions. ■END■
ANSWER: business cycles [or economic cycles or trade cycles; accept real business cycle theory; prompt on cycles; prompt on expansions or contractions or growth by asking “what more general phenomena are they a part of?”; prompt on recessions or booms until read by asking “what more general phenomena are they a part of?”]
<Waterloo B, Social Science> | Packet D - UBC B, Oxford A, Waterloo B, CWRU A
= Average correct buzzpoint
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