Endogenous Business Cycles

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Hysteresis and Business Cycles

Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
ISBN 13 : 1513536990
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra

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.

Synchronization of Endogenous Business Cycles

Author : Marco Pangallo
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (136 download)

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Book Synopsis Synchronization of Endogenous Business Cycles by : Marco Pangallo

Download or read book Synchronization of Endogenous Business Cycles written by Marco Pangallo and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business cycles tend to comove across countries. However, standard models that attribute comovement to propagation of exogenous shocks struggle to generate a level of co-movement that is as high as in the data. In this paper, we consider models that produce business cycles endogenously, through some form of non-linear dynamicsâ€"limit cycles or chaos. These models generate stronger comovement, because they combine shock propagation with synchronization of endogenous dynamics. In particular, we study a demand-driven model in which business cycles emerge from strategic complementarities within countries, synchronizing their oscillations through international trade linkages. We develop an eigen-decomposition that explores the interplay between non-linear dynamics, shock propagation and network structure, and use this theory to understand the mechanisms of synchronization. Next, we calibrate the model to data on 24 countries and show that the empirical level of comovement can only be matched by combining endogenous business cycles with exogenous shocks. Our results lend support to the hypothesis that business cycles are at least in part caused by underlying non-linear dynamics.

The Evolution of Endogenous Business Cycles

Author : Roger E. A. Farmer
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Evolution of Endogenous Business Cycles by : Roger E. A. Farmer

Download or read book The Evolution of Endogenous Business Cycles written by Roger E. A. Farmer and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper distinguishes two kinds of Endogenous Business Cycle models; EBC1 models, which display dynamic indeterminacy, and EBC2 models, which display steady-state indeterminacy. Both strands of the literature have their origins in the sunspot literature that developed at the University of Pennsylvania in the 1980s. I argue that EBC1 models are part of the evolution of modern macroeconomics that has classical roots dating back to the 1920s. EBC2 models provide a microfoundation to one of the most important ideas to emerge from Keynes' (1936) General Theory; that high involuntary unemployment can persist as part of the steady-state equilibrium of a market economy.

Endogenous Cycles in a Stiglitz-Weiss Economy

Author : Javier Suarez
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.X/5 (6 download)

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Book Synopsis Endogenous Cycles in a Stiglitz-Weiss Economy by : Javier Suarez

Download or read book Endogenous Cycles in a Stiglitz-Weiss Economy written by Javier Suarez and published by . This book was released on 1997 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Endogenous Market Structures and the Macroeconomy

Author : Federico Etro
Publisher : Springer Science & Business Media
ISBN 13 : 3540874275
Total Pages : 363 pages
Book Rating : 4.5/5 (48 download)

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Book Synopsis Endogenous Market Structures and the Macroeconomy by : Federico Etro

Download or read book Endogenous Market Structures and the Macroeconomy written by Federico Etro and published by Springer Science & Business Media. This book was released on 2009-06-17 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a key year for the evolution of international markets. The global economy is experiencing the most severe downturn since the thirties, it is temporarily leaving a path of sustained growth that characterized the last decades, and is facing an impressive decline of trade between countries. Banks are going bankrupt, the stock market has crashed, rms are going out of bu- ness or drastically reducing their production and exports, workers are being red and investment in new business creation or innovation is shrinking. Meanwhile, consumers con dence has dropped at its minimum, aggregate demand has been declining for months and expansionary policies and int- national coordination have failed to counteract the crisis until now. It is quite likely that all this will change sooner or later, but at the end of this crisis our understanding of the macroeconomy may change as well. In front of these crucial events, this book is not an attempt at proposing a radically new way of interpreting macroeconomic phenomena, and, as a m- ter of fact, it is not even a book on macroeconomic theory. My more modest goal is to collect a number of insights derived from recent research on the role of competition and innovation in the analysis of three topics: business cycles, trade and growth through innovations.

Endogenous Growth Theory

Author : Philippe Aghion
Publisher : MIT Press
ISBN 13 : 9780262011662
Total Pages : 720 pages
Book Rating : 4.0/5 (116 download)

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Book Synopsis Endogenous Growth Theory by : Philippe Aghion

Download or read book Endogenous Growth Theory written by Philippe Aghion and published by MIT Press. This book was released on 1998 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Problems and solutions by Cecilia Garcâia-Peänalosa in collaboration with Jan Boone, Chol-Won Li, and Lucy White." Includes bibliographical references (p. [665]-687) and index.

Endogenous Business Cycles

Author : Robin de Vilder
Publisher : Thesis Pub
ISBN 13 : 9789051703405
Total Pages : 176 pages
Book Rating : 4.7/5 (34 download)

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Book Synopsis Endogenous Business Cycles by : Robin de Vilder

Download or read book Endogenous Business Cycles written by Robin de Vilder and published by Thesis Pub. This book was released on 1995 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops the use of the theory of nonlinear dynamics in the field of mathematical economics. It is applied to the analysis of a discrete nonlinear two-dimensional dynamic macroeconomic model. This particular model displays all the principal phenomena found in the two-dimensional dynamical systems literature. Using recent findings from the theory of higher-dimensional nonlinear dynamical systems, earlier results obtained with other dynamic economic models are generalized. In addition, a general framework is provided that can be used to solve some problems that are frequently encountered in the analysis of nonlinear dynamic (economic) models. Almost all of the results in this book have been rigorously proved. In order to follow the intuitive ideas behind these proofs as well as clarifying the discussion of the theoretical results, 55 figures are provided.

Business Cycles

Author : Victor Zarnowitz
Publisher : University of Chicago Press
ISBN 13 : 0226978923
Total Pages : 613 pages
Book Rating : 4.2/5 (269 download)

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Book Synopsis Business Cycles by : Victor Zarnowitz

Download or read book Business Cycles written by Victor Zarnowitz and published by University of Chicago Press. This book was released on 2007-11-01 with total page 613 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents the most complete collection available of the work of Victor Zarnowitz, a leader in the study of business cycles, growth, inflation, and forecasting.. With characteristic insight, Zarnowitz examines theories of the business cycle, including Keynesian and monetary theories and more recent rational expectation and real business cycle theories. He also measures trends and cycles in economic activity; evaluates the performance of leading indicators and their composite measures; surveys forecasting tools and performance of business and academic economists; discusses historical changes in the nature and sources of business cycles; and analyzes how successfully forecasting firms and economists predict such key economic variables as interest rates and inflation.

Endogenous Business Cycles and Economic Policy

Author : Peter Skott
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Endogenous Business Cycles and Economic Policy by : Peter Skott

Download or read book Endogenous Business Cycles and Economic Policy written by Peter Skott and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the dynamics of Keynesian models that incorporate feedback effects from the labor market to income distribution, investment, aggregate demand and output. A baseline version of the model can generate endogenous growth cycles, but cumulative divergence and economic collapse also become possible for plausible parameter values. Extensions of the model that include monetary and Öscal policy show greater robustness: the local instability of the stationary point leads to limit cycles (rather than complete collapse), even when large, destabilizing changes are made to parameters describing the private sector. The robustness of the general approach is reinforced by the endogeneity of the Öscal and monetary policy rules.

Endogenous Business Cycles and Growth

Author :
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (163 download)

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Book Synopsis Endogenous Business Cycles and Growth by :

Download or read book Endogenous Business Cycles and Growth written by and published by . This book was released on 2003 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Endogenous Business Cycles & Growth

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (12 download)

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Book Synopsis Endogenous Business Cycles & Growth by :

Download or read book Endogenous Business Cycles & Growth written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Endogenous Business Cycles

Author : Mohamad Lutfi Hammour
Publisher :
ISBN 13 :
Total Pages : 206 pages
Book Rating : 4.:/5 (224 download)

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Book Synopsis Endogenous Business Cycles by : Mohamad Lutfi Hammour

Download or read book Endogenous Business Cycles written by Mohamad Lutfi Hammour and published by . This book was released on 1989 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Business Cycles in Economic Thought

Author : Alain Alcouffe
Publisher : Routledge
ISBN 13 : 1317207785
Total Pages : 425 pages
Book Rating : 4.3/5 (172 download)

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Book Synopsis Business Cycles in Economic Thought by : Alain Alcouffe

Download or read book Business Cycles in Economic Thought written by Alain Alcouffe and published by Routledge. This book was released on 2017-01-06 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business Cycles in Economic Thought underlines how, over the time span of two centuries, economic thought interacted with cycles in a continuous renewal of theories and rethinking of policies, whilst economic actions embedded themselves into past economic thought. This book argues that studying crises and periods of growth in different European countries will help to understand how different national, political and cultural traditions influenced the complex interaction of economic cycles and economic theorizing. The editors of this great volume bring together expert contributors consisting of economists, historians of economic thought and historians of economics, to analyse crises and theories of the nineteenth and the twentieth century. This is alongside a comprehensive outlook on the most relevant advances of economic theory in France, Germany and Italy, as well as coverage of non-European countries, such as the United States. Several of the highly prestigious Villa Vigoni Trilateral Conferences formed the background for the discussions in this book. This volume is of great interest to students and academics who study history of economic thought, political economy and macroeconomics.

Business Cycles

Author : Victor Zarnowitz
Publisher : University of Chicago Press
ISBN 13 : 0226978907
Total Pages : 614 pages
Book Rating : 4.2/5 (269 download)

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Book Synopsis Business Cycles by : Victor Zarnowitz

Download or read book Business Cycles written by Victor Zarnowitz and published by University of Chicago Press. This book was released on 1992-06-15 with total page 614 pages. Available in PDF, EPUB and Kindle. Book excerpt: Victor Zarnowitz has long been a leader in the study of business cycles, growth, inflation, and forecasting. These papers represent a carefully integrated and up-to-date study of business cycles, reexamining some of his earlier research as well as addressing recent developments in the literature and in history. In part one, Zarnowitz reviews with characteristic insight various theories of the business cycle, including Keynesian and monetary theories as well as more recent rational expectations and real business cycle theories. In doing so, he examines how the business cycle may have changed as the size of government, the exercise of fiscal and monetary policies, the openness of the economy to international forces, and the industrial structure have evolved over time. Emphasizing important research from the 1980s, Zarnowitz discusses in part two various measures of the trends and cycles in economic activity, including output, prices, inventories, investment in residential and nonresidential structures, equipment, and other economic variables. Here the author explores the duration and severity of U.S. business cycles over more than 150 years, and evaluates the ability of macro models to simulate past behavior of the economy. In part three the performance of leading, coincident, and lagging indicators is described and assessed and evidence is presented on the value of their composite measures. Finally, part four offers an analysis of the degree of success of large commercial forecasting firms and of many individual economists in predicting the course of inflation, real growth, unemployment, interest rates, and other key economic variables. Business Cycles is a timely study, certain tobecome a basic reference for professional forecasters and economists in government, academia, and the business community.

Endogenous Business Cycles and the Dynamics of Output, Hours, and Consumption

Author : Stephanie Schmitt-Grohé
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.X/5 (6 download)

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Book Synopsis Endogenous Business Cycles and the Dynamics of Output, Hours, and Consumption by : Stephanie Schmitt-Grohé

Download or read book Endogenous Business Cycles and the Dynamics of Output, Hours, and Consumption written by Stephanie Schmitt-Grohé and published by . This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Rediscovery of the Business Cycle

Author : Paul A. Volcker
Publisher : New York : Free Press
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Rediscovery of the Business Cycle by : Paul A. Volcker

Download or read book The Rediscovery of the Business Cycle written by Paul A. Volcker and published by New York : Free Press. This book was released on 1978 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Models of Business Cycles with Endogenous Technology [microform]

Author : George Werner Stadler
Publisher : National Library of Canada
ISBN 13 : 9780315407954
Total Pages : 318 pages
Book Rating : 4.4/5 (79 download)

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Book Synopsis Models of Business Cycles with Endogenous Technology [microform] by : George Werner Stadler

Download or read book Models of Business Cycles with Endogenous Technology [microform] written by George Werner Stadler and published by National Library of Canada. This book was released on 1988 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The conclusions of the thesis are that the influence of real and monetary shocks on the economy is very different when technology is endogenous than when it is treated as exogenous and it suggests that business cycle models that ignore the endogeneity of technology can give misleading results.