A Joke for Econ Grad Students

A group of macroeconomists are sitting on a panel at a conference discussing developments in the discipline.

In a heated exchange, the New Keynesian says to the Real Business Cyclist: �You guys have put macroeconomics back twenty years with this nonsense!�

The Real Business Cyclist smiles and says �So you DO believe in negative productivity shocks after all.�

Pointer from student Gabriel Mihalache, who remarks: "I don�t know what�s more perverse...that I understand the joke or that I find it really funny."