Define economic variables that are procyclical, countercyclical or acyclical. Are real wages, GDP, employment procyclical, countercyclical or acyclical

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What’s Robert Lucas’ view on business cycle? Do you agree with his view? Why?

2. Define economic variables that are procyclical, countercyclical or acyclical. Are real wages, GDP, employment procyclical, countercyclical or acyclical? Why?

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3.What’s the main difference between classical economic view and Keynesian economic view on causes of business cycles? Policy prescriptions to end recession? What causes the views to be different?

 

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