By using an equilibrium business cycle model, Bianchi and Mendoza ( 2010 ) showed that economic agents facing collateral constraint borrow too much and the economy suffers from larger magnitude financial crises than it would have suffered under the social planner's economy.
12.
As Larry Summers said : " ( My view is that ) real business cycle models of the type urged on us by [ Ed ] Prescott have nothing to do with the business cycle phenomena observed in the United States or other capitalist economies . "
13.
Sims has been an outspoken opponent of the rational expectations revolution in macroeconomics, arguing that it should be thought of as a " cautionary footnote " to econometric policy analysis, rather than " a deep objection to its foundations . " He has been similarly skeptical of the value of real business cycle models.
14.
The 2009 Bernacer prize was awarded to the French economist Emmanuel Farhi ( Harvard University ) " for his relevant contributions to the design of optimal taxation in business cycle models with incomplete markets, and for improving our understanding of the macroeconomic mechanisms that underlie the relationships among global imbalances, financial crashes, speculative growth episodes and real activity ".
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