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Author : Delmas D. Ray
Publisher :
ISBN 13 : 9780813001944
Total Pages : 131 pages
Book Rating : 4.0/5 (19 download)
Download or read book Accounting and Business Fluctuations written by Delmas D. Ray and published by . This book was released on 1960 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lars Tvede
Publisher : John Wiley & Sons
ISBN 13 :
Total Pages : 512 pages
Book Rating : 4.3/5 (91 download)
Download or read book Business Cycles written by Lars Tvede and published by John Wiley & Sons. This book was released on 2006-05-26 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: During our lifetime we experience any number of business cycle crises which undermine our confidence and lead many to their ruin. We also experience the ‘happy days’ when our faith in the future becomes almost limitless, and when we forget that tides always turn again. So how can we better understand and predict these cycles? To answer these questions Lars Tvede takes us through a story that moves back in time to the Scottish gambler and financial genius, John Law, and then on to the distracted Adam Smith, the stockbroker Ricardo, the investment banker Thornton, the extrovert Schumpeter, the speculator Gould and many others to trace the theory and reality of business cycles, as it has evolved over 300 years. Gradually we reach the computer jugglers of the modern day who, with giant networks of equations, try to solve the same questions that have attracted the attention of classical economists throughout the centuries. Lars Tvede concludes this historical journey with a summary of what the core of the problem is and how modern understanding of business cycles can be used to forecast economic fluctuations. The final sections of the book provide detailed studies and explanations to of how stocks, bonds, hedge funds, private equity funds, gold, diamonds, exchange rates, real estate, commodities, art and collectibles, and numerous sub-sectors of some of these markets each behave over different categories of business cycles.
Author : Delmas D. Ray
Publisher : Forgotten Books
ISBN 13 : 9781396027741
Total Pages : 0 pages
Book Rating : 4.0/5 (277 download)
Download or read book Accounting and Business Fluctuations (Classic Reprint) written by Delmas D. Ray and published by Forgotten Books. This book was released on 2018-09-08 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Accounting and Business Fluctuations Depreciation policy and investment decisions concepts OF depreciation, 56; purposes OF deprecia tion accounting, 58; depreciation accounting con trasted with inventory accounting, 64 implications OF time shape OF periodic depreciation charge, 65° misstatement OF profits due To accounting DE preciation, 69; direct effects OF depreciation ON IN ducement TO invest, 73; summary, 75. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author : Dmitry Plotnikov
Publisher : International Monetary Fund
ISBN 13 : 1484318587
Total Pages : 35 pages
Book Rating : 4.4/5 (843 download)
Download or read book What Prevents a Real Business Cycle Model from Matching the U.S. Data? Decomposing the Labor Wedge written by Dmitry Plotnikov and published by International Monetary Fund. This book was released on 2017-09-08 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: I carry out a business cycle accounting exercise (Chari, Kehoe and McGrattan, 2007) on the U.S. data measured in wage units (Farmer (2010)) for the entire postwar period. In contrast to a conventional approach, this approach preserves common medium-term business cycle fluctuations in GDP, its components and the unemployment rate. Additionally, it facilitates decomposition of the labor wedge into the labor supply and the labor demand wedges. Using this business cycle accounting methodology, I find that in the transformed data, most movements in GDP are accounted for by the labor supply wedge. Therefore, I reverse a key finding of the real business cycle literature which asserts that 70% or more of economic fluctuations can be explained by TFP shocks. In other words, the real business cycle model fits the data badly because the assumption that households are on their labor supply equation is flawed. This failure is masked by data that has been filtered with a conventional approach that removes fluctuations at medium frequencies. My findings are consistent with the literature on incomplete labor markets.
Author : Lawrence J. Christiano
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.3/5 ( download)
Download or read book Two Flaws in Business Cycle Accounting written by Lawrence J. Christiano and published by . This book was released on 2006 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Using "business cycle accounting" (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not warranted. First, small changes in the implementation of BCA overturn CKM's conclusions. Second, one way that shocks to the intertemporal wedge impact on the economy is by their spillover effects onto other wedges. This potentially important mechanism for the transmission of intertemporal wedge shocks is not identified under BCA. CKM potentially understate the importance of these shocks by adopting the extreme position that spillover effects are zero."
Author : V. V. Chari
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (144 download)
Download or read book Business Cycle Accounting written by V. V. Chari and published by . This book was released on 2004 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose and demonstrate a simple method for guiding researchers in developing quantitative models of economic fluctuations. We show that a large class of models are equivalent to a prototype growth model with time-varying wedges that resemble time-varying productivity, labor taxes, and capital income taxes. We use data to measure these wedges, called efficiency, labor, and investment wedges, and then feed their measured values back into the model. We assess the fraction of fluctuations in output, employment, and investment accounted for by these wedges during the Great Depression and the 1982 recession. For the Depression, the efficiency and labor wedges together account for essentially all of the fluctuations; investment wedges play no role. For the recession, the efficiency wedge plays the most important role; the other two, minor roles. These results are not sensitive to alternative measures of capital utilization or alternative labor supply elasticities.
Author : Philip E. Mirowski
Publisher : Routledge
ISBN 13 : 1317512235
Total Pages : 332 pages
Book Rating : 4.3/5 (175 download)
Download or read book The Birth of the Business Cycle (RLE: Business Cycles) written by Philip E. Mirowski and published by Routledge. This book was released on 2015-03-27 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discussing economic theory and English economic history from the eighteenth century until the late 1970s this volume discusses among other things fixed capital and problems with the definition of the premodern economy as well as providing a chronology of 18th century business cycles.
Author : Hong K. Bahng
Publisher :
ISBN 13 :
Total Pages : 131 pages
Book Rating : 4.:/5 (923 download)
Download or read book Accounting for Business Cycle Regularities in Emerging Economies written by Hong K. Bahng and published by . This book was released on 2013 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Chapter 1 documents empirical regularities of emerging economies over the business cycle. Business cycle regularities in emerging economies display distinct features when compared to developed economies. While labor is consistently less volatile, the labor wedge is prevalent and volatile as in developed economies. Furthermore, the interest rates households face are quite different from the ones firms face. Data shows that households face rates which are less volatile. I argue that these empirical observations are difficult to reconcile with the previously explored frameworks in the literature. Chapter 2 develops an economic model to account for business cycle regularities in emerging economies. The model involves three modifications to an otherwise standard small open economy real business cycle model. Preferences are Cobb-Douglas, firms are subject to a working capital friction, and, more importantly, firms and households face differentiated interest rate shocks. The novel feature is the presence of a wedge between the two different interest rates. While the interest rate for firms shifts labor demand via the working capital channel, the rate for households induces countering labor supply responses via Cobb-Douglas preferences. Accordingly, the overall labor response depends on the size of the wedge between the two interest rates. The model replicates the level of labor volatility observed in emerging economies. Model calibration demonstrates that the differentiated interest rates play a critical role in delivering these results. Chapter 3 documents the positive comovement of saving and investment for emerging economies over the business cycle. The model developed in Chapter 2 delivers this correlation while accounting for other key moments. With Cobb-Douglas preferences, the dampened volatility of interest rates for households allows the TFP shock to play a larger role on their saving behavior. Coincidentally, the change in the response of labor from interest rate shocks that households face, extensively argued in Chapter 2, is key in generating this result. Consequently, by devising the TFP shock to be a sizable driving force behind both saving and investment, the model delivers a positive correlation between the two variables"--Pages v-vi.
Author : Keisuke Otsu
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)
Download or read book International Business Cycle Accounting written by Keisuke Otsu and published by . This book was released on 2009 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In this paper, I extend the business cycle accounting method a la Chari, Kehoe and McGrattan (2007) to a two-country international business cycle model and quantify the effect of the disturbances in relevant markets on the business cycle correlation between Japan and the US over the 1980-2008 period. This paper finds that disturbances in the labor market and production efficiency are important in accounting for the recent increase in the cross-country output correlation. If international financial market integration is important for considering the recent increase in cross-country output correlation, it must operate through an increase in the cross-country correlation of disturbances in the labor market and production efficiency, and not in the domestic investment market."--Author's abstract.
Author : Dale W. Jorgenson
Publisher : University of Chicago Press
ISBN 13 : 9780226121338
Total Pages : 0 pages
Book Rating : 4.1/5 (213 download)
Download or read book Measuring Economic Sustainability and Progress written by Dale W. Jorgenson and published by University of Chicago Press. This book was released on 2014-10-13 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Great Depression, researchers and statisticians have recognized the need for more extensive methods for measuring economic growth and sustainability. The recent recession renewed commitments to closing long-standing gaps in economic measurement, including those related to sustainability and well-being. The latest in the NBER’s influential Studies in Income and Wealth series, which has played a key role in the development of national account statistics in the United States and other nations, this volume explores collaborative solutions between academics, policy researchers, and official statisticians to some of today’s most important economic measurement challenges. Contributors to this volume extend past research on the integration and extension of national accounts to establish an even more comprehensive understanding of the distribution of economic growth and its impact on well-being, including health, human capital, and the environment. The research contributions assess, among other topics, specific conceptual and empirical proposals for extending national accounts.
Author : Willi Semmler
Publisher : Routledge
ISBN 13 : 1315288796
Total Pages : 274 pages
Book Rating : 4.3/5 (152 download)
Download or read book Financial Dynamics and Business Cycles written by Willi Semmler and published by Routledge. This book was released on 2019-08-08 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the 55th anniversary of the bank holiday of March 1933 approached, financial instability was a main topic in the financial press. Daily reports appeared of international debt crises, of the covert bankruptcy of deposit insurance, and of the near bankruptcy of one great financial institution after another. The great stock market crash of October 19 and 20, 1987, demonstrated that extreme instability can happen. It is generally asserted that the consequences of October 19th and 20th would have been disastrous if the Federal Reserve and Treasury interventions had not set things right. In 1933, financial markets in the United States and throughout the capitalist world collapsed. In the light of historical experience, the past 55 years are the anomaly. The papers collected in this volume come from various backgrounds and research paradigms. A common theme runs through these papers that makes the collection both interesting and important: The authors take seriously the obvious evidence that capitalist economies progress through time by lurching. Whether a particular study starts from household utility maximization or from the processes by which productive structures are reproduced and expanded, the authors are united in accepting the evidence that financial instability is a significant characteristic of modern capitalism.
Author : Edward F. Denison
Publisher : Brookings Institution Press
ISBN 13 : 9780815705321
Total Pages : 236 pages
Book Rating : 4.7/5 (53 download)
Download or read book Accounting for Slower Economic Growth written by Edward F. Denison and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting for Slower Economic Growth examines labor productivity and productivity accounting during the 1970s in the United States.
Author : Mr.Pau Rabanal
Publisher : International Monetary Fund
ISBN 13 : 1513518607
Total Pages : 57 pages
Book Rating : 4.5/5 (135 download)
Download or read book Financial Factors written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2015-07-14 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: We suggest a new approach for analyzing the role of financial variables and shocks in computing the output gap. We estimate a two-region DSGE model for the euro area, with financial frictions at the household level, between 2000-2013. After joining the monetary union, a decline in some countries’ borrowing costs contributed to a credit, housing and real boom and bust cycle. We show that financial frictions amplified economic fluctuations and the measure of the output gap in those countries. On the contrary, in countries such as France and Germany, financial frictions played a minor role in output gap measures. We also present evidence of the trade-offs faced by the European Central Bank when trying to stabilize two regions in a currency union with unsynchronized economic cycles.
Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
ISBN 13 : 1513536990
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author : T. Nagakawa
Publisher : Nova Publishers
ISBN 13 : 9781600215032
Total Pages : 308 pages
Book Rating : 4.2/5 (15 download)
Download or read book Business Fluctuations and Cycles written by T. Nagakawa and published by Nova Publishers. This book was released on 2008 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The business cycle or economic cycle refers to the periodic fluctuations of economic activity about its long term growth trend. The cycle involves shifts over time between periods of relatively rapid growth of output (recovery and prosperity), alternating with periods of relative stagnation or decline (contraction or recession). These fluctuations are often measured using the real gross domestic product. One of the government's main roles is to smooth out the business cycle and reduce its fluctuations. To call those alternances 'cycles' is rather misleading as they don't tend to repeat at fairly regular time intervals. Most observers find that their lengths (from peak to peak, or from trough to trough) vary, so that cycles are not mechanical in their regularity. Since no two cycles are alike in their details, some economists dispute the existence of cycles and use the word 'fluctuations' (or the like) instead. Others see enough similarities between cycles that the cycle is a valid basis of studying the state of the economy. A key question is whether or not there are similar mechanisms that generate recessions and/or booms that exist in capitalist economies so that the dynamics that appear as a cycle will be seen again and again. This new book presents leading-edge research in this field.
Author : Delmas Dennis Ray
Publisher :
ISBN 13 :
Total Pages : 826 pages
Book Rating : 4.:/5 (134 download)
Download or read book An Evaluation of Accounting Methodology as an Accentuating Factor in Business Fluctuations written by Delmas Dennis Ray and published by . This book was released on 1956 with total page 826 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mohan Bijapur
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (13 download)
Download or read book What Drives Business Cycle Fluctuations written by Mohan Bijapur and published by . This book was released on 2015 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study jointly the roles of aggregate and idiosyncratic uncertainty shocks in driving business cycle fluctuations. By decomposing total stock return volatility of approximately 30,000 publicly-listed US firms from 1962 to 2012, we construct distinct measures of aggregate and idiosyncratic uncertainty, and run a horse race between them in an otherwise standard macroeconomic VAR. We find that the two components of uncertainty exhibit strikingly different behaviour. Idiosyncratic uncertainty shocks account for a large fraction of fluctuations in economic activity at business cycle frequencies, whereas the contributions of aggregate uncertainty shocks are negligible. Idiosyncratic, not aggregate, uncertainty shocks produce the “sharp drop and rapid rebound” response in activity characterized in Bloom (2009). Furthermore, most of the contribution of idiosyncratic uncertainty shocks appears to come from the largest 100 firms in the economy. These act as a primary force driving the business cycle, accounting for up to half of all fluctuations and exhibiting substantial independent variation from common structural forces. In contrast, shocks to the remaining mass of small firms are found to be quantitatively insignificant. Our results are interpreted as an empirical microfoundation for “granular” origins to the role of idiosyncratic uncertainty at the macroeconomic level, in the sense of Gabaix (2011).
