15.2 Real-Business-Cycle Theory's Explanation to Important Economic Variables at=pat-1+E,p<1 (AR1),then investment, output and consumption will prove to be(AR2) o In another word, real impacts will affect the output permanently 友学经济学院15.2 Real-Business-Cycle Theory’s Explanation to Important Economic Variables ❖ If （AR1），then investment, output and consumption will prove to be（AR2） ❖ In another word，real impacts will affect the output permanently. at =  at−1 + t ,  1