15. 1 Some Facts in Business-Cycle 2 Fountainhead of Real-business-cycle theory o In 1980S, many papers give explanations to economic fluctuations by real impacts instead of monetary impacts o Representative economists: EDWORD. PRESCOTT, FENE KIDLANT CHARLES PROSE. JOHN LONG ROBERT KinG ROBERT BARO o Kiddland-Prose's paper Time to Build and Aggregate Fluctuations ) in 1982 begin to form the model 友学经济学院15.1 Some Facts in Business-Cycle ❖ Fountainhead of Real-business-cycle theory  In 1980’s，many papers give explanations to economic fluctuations by real impacts instead of monetary impacts.  Representative economists: EDWORD.PRESCOTT, FENE.KIDLANT, CHARLES.PROSE, JOHN.LONG, ROBERT.KING & ROBERT.BARO.  Kiddland-Prose’s paper《 Time to Build and Aggregate Fluctuations》in 1982 begin to form the model