Knut Wicksell: Real Business Cycle Theorist
Scottish Journal of Political Economy
In this paper I argue that Wicksell was an expositor of Real Business Cycle (RBC) theory. According to Wicksell, trade cycles have little to do with erratic monetary policies but rather are because "technical and commercial progress cannot by its very nature give rise to a series which proceeds as evenly as the growth in our time of human needs" (Wicksell, 1898, p. ix).
John Wiley & Sons
Caporale, Tony, "Knut Wicksell: Real Business Cycle Theorist" (1993). Economics and Finance Faculty Publications. 30.