Equilibrium Business Cycle Theory In Historical Perspective

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Equilibrium Business Cycle Theory in Historical Perspective

Author : Kyun Kim
Publisher :
ISBN 13 :
Total Pages : 152 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis Equilibrium Business Cycle Theory in Historical Perspective by : Kyun Kim

Download or read book Equilibrium Business Cycle Theory in Historical Perspective written by Kyun Kim and published by . This book was released on 1988-06-24 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a historical investigation of the theoretical development of contemporary Equilibrium Business Cycle Theory (EBCT). The author examines the central features of the EBCT by tracing both the history of business cycle theory and the history of econometrics. These historical analyses make clear two cental principles of the EBCT: its optimization foundation and its economic strategy. Following along these lines, the author argues that the EBCT succeeds the tradition of the Austrian cycle theory that attempted to incorporate the cycle with classical equilibrium doctrine. He further argues that the EBCT's econometric strategy is only a child of the Cowles commission method. Presenting a fresh viewpoint of interwar macroeconomics in very readable style, this book brings the period back into the heart of macroeconomic thinking today.

Modern Business Cycle Theory

Author : Robert J. Barro
Publisher :
ISBN 13 :
Total Pages : 358 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Modern Business Cycle Theory by : Robert J. Barro

Download or read book Modern Business Cycle Theory written by Robert J. Barro and published by . This book was released on 1989 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new classical approach to macroeconomics, which assumes that people gather and use economic information efficiently, has been the most important theoretical advance since the Keynesian revolution of the 1930s. This book surveys the major contributions of the "second generation" of proponents of the new classical approach, emphasizing real business cycle theories and applying them to a variety of phenomena. The chapters include expositions of growth theory, real models of business fluctuations, the informational role of prices, consumption, fiscal policy, rules versus discretion in monetary policy, time consistency and policy, and monetary models. Although the chapters are aimed at advanced undergraduate- and graduate-level students, they will also be of interest to researchers who are looking for a compact and original exposition of the new classical macroeconomics.

Business Cycle Theory

Author : Lutz G. Arnold
Publisher : Oxford University Press on Demand
ISBN 13 : 9780199256822
Total Pages : 165 pages
Book Rating : 4.2/5 (568 download)

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Book Synopsis Business Cycle Theory by : Lutz G. Arnold

Download or read book Business Cycle Theory written by Lutz G. Arnold and published by Oxford University Press on Demand. This book was released on 2002 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business cycle theory is a broad and disparate field. Different schools of thought offer alternative explanations for cycles, often using different mathematical methods. This book provides academics and graduate students of economics with a compact and accessible exposition of business cycle theory since Keynes. The author places the main theories -- Keynesian economics, monetarism, new classical economics, the real business cycles theory, and new Keynesian economics -- in an historical context by presenting them in the chronological order of their appearance and highlighting their differences and commonalities. He minimizes the necessary mathematical prerequisites by using a unifying mathematical approach: stochastic second-order difference equations, which is explained in detail. Throughout the book, the international dimension of business cycles is acknowledged. The theoretical results obtained are set alongside empirical facts in separate boxes. Each chapter finishes with a set of problems designed to deepen the reader's understanding of the theories presented, and further reading sections which provide access to related material.

Business cycle theory as a basis for economic policy

Author : Pascal Bridel
Publisher : Routledge
ISBN 13 : 131738198X
Total Pages : 200 pages
Book Rating : 4.3/5 (173 download)

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Book Synopsis Business cycle theory as a basis for economic policy by : Pascal Bridel

Download or read book Business cycle theory as a basis for economic policy written by Pascal Bridel and published by Routledge. This book was released on 2017-10-02 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to start a debate on the relationship between economic theory – and more precisely business cycle theory – and economic policy, emphasising the diversity of views on economic policy which characterised older periods, in contrast to the homogeneity of the analysis and diagnosis provided by current business cycles developments. Since the 1970s, economic theorists excluding any economic policy interventions and favouring strictly supply-side economic policies have gained a growing influence. The development of Equilibrium Business Cycles theories coincides with the collapse, at least in academic circles, of the Keynesian consensus favouring stabilization policies. The alternative approach which emerged was based on an a priori hypothesis about the stability of the economy – or at least on its remarkable ability to stabilize itself. The direct consequence of this approach is that any stabilization objective for economic policy is not only misguided but also inefficient. There are many reasons why Keynesian policies ceased to be dominant in theoretical circles, but the most helpful circumstances for the rapid propagation of a new revolutionary theory is certainly the existence of an established orthodoxy, clearly inconsistent with the most salient facts of reality. This book offers a sample of different theoretical approaches to business cycles, examining their respective views on economic policy with the objective of understanding business cycles that have been lost, and identifying those views which explain fluctuations and the way we conceive economic policy. This book was originally published as a special issue of The European Journal of the History of Economic Thought.

Business Cycles in the Run of History

Author : Thierry Aimar
Publisher : Springer
ISBN 13 : 331924325X
Total Pages : 94 pages
Book Rating : 4.3/5 (192 download)

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Book Synopsis Business Cycles in the Run of History by : Thierry Aimar

Download or read book Business Cycles in the Run of History written by Thierry Aimar and published by Springer. This book was released on 2015-11-26 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the development of economic cycles in the run of history. The focus is on the development of cycle theory, with maximum emphasis upon ideas. Chapter 1 delivers an overview of the debate about cycles before the 1970s. Chapter 2 completes this survey by presenting the main empirical investigations since that time. Finally, Chapters 3 and 4 illustrate the discourse, by presenting, in the tradition of Burns and Mitchell, original case studies on France, South Africa, and Germany.

Frontiers of Business Cycle Research

Author : Thomas F. Cooley
Publisher : Princeton University Press
ISBN 13 : 9780691043234
Total Pages : 452 pages
Book Rating : 4.0/5 (432 download)

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Book Synopsis Frontiers of Business Cycle Research by : Thomas F. Cooley

Download or read book Frontiers of Business Cycle Research written by Thomas F. Cooley and published by Princeton University Press. This book was released on 1995-02-26 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: This introduction to modern business cycle theory uses a neoclassical growth framework to study the economic fluctuations associated with the business cycle. Presenting advances in dynamic economic theory and computational methods, it applies concepts to t

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.

The Business Cycle

Author : Ronald J Szary
Publisher :
ISBN 13 :
Total Pages : 224 pages
Book Rating : 4.6/5 (87 download)

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Book Synopsis The Business Cycle by : Ronald J Szary

Download or read book The Business Cycle written by Ronald J Szary and published by . This book was released on 2020-02-03 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Business cycle involves many components that include past and present theories and models put forth by economists throughout history. This book summarizes the extent of the components which make up the subject. The book is divided into six parts: Part I defines the business cycle through theoretical and historical perspectives. It addresses business cycle theory, Keynesian theory, credit/debt cycles, Austrian theory, liquidity, illiquidity, and solvency. Part II continues with business cycle theory, Lutz and the equilibrium theory, Austrian business cycle theory, money, credit, and loan cycles, micro-economic fluctuations, trade and inequality, case studies, and wealth inequality. Part III addresses business cycle mechanics in the form of financial cycles, asymmetric business cycles, noninflationary demand driven cycles, perception driven fluctuations, a new Keynesian model before moving into behavioral economics. Part IV begins discussion of behavioral economics and animal spirits, including behavioral finance, economic reasoning in non human animals, animal spirits and the optimal level of the inflationary target, credit cycles, and animal spirit derived business cycles. Part V presents business cycle amendments in the form of investment, asset class performance, merits of business cycle approach, and deciphering the liquidity and credit crunch. Finally, Part VI discusses fiscal outlook in the form of macro-economical challenges, liquidity risk management, the role of monetary and fiscal policy, and fiscal policy in a depressed economy.

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.

Business Cycle Theory

Author : Günter Gabisch
Publisher : Springer Science & Business Media
ISBN 13 : 3662011786
Total Pages : 240 pages
Book Rating : 4.6/5 (62 download)

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Book Synopsis Business Cycle Theory by : Günter Gabisch

Download or read book Business Cycle Theory written by Günter Gabisch and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Is the business cycle obsolete?" This often cited title of a book edited by Bronfenbren ner with the implicit affirmation of the question reflected the attitude of mainstream macroeconomics in the Sixties regarding the empirical relevance of cyclic motions of an economy. The successful income policies, theoretically grounded in Keynesian macroec onomics, seemed to have eased or even abolished the fluctuations in West,ern economies which motivated studies of many classical and neoclassical economists for more than 100 years. The reasoning behind the conviction that business cycles would increasingly become irrelevant was rather simple: if an economy fluctuates for whatever reason, then it is almost always possible to neutralize these cyclic motions by means of anti-cyclic demand policies. From the 1950's until the mid-Sixties business cycle theory had often been consid ered either as an appendix to growth theory or as an academic exercise in dynamical economics. The common business cycle models were essentially multiplier-accelerator models whose sensitive dependence on parameter values (in order to be called busi ness cycle models) suggested a rather improbable occurrence of continuing oscillations. The obvious success in compensating business cycles in those days prevented intensive concern with the occurrence of cycles. Rather, business cycle theory turned into sta bilization theory which investigated theoretical possibilities of stabilizing a fluctuating economy. Many macroeconomic textbooks appeared in the Sixties which consequently identified business cycle theory with inquiries on the possibilities to stabilize economies 2 Introduction by means of active fiscal or monetary policies.

The Business Cycle: Theories and Evidence

Author : M.T. Belongia
Publisher : Springer Science & Business Media
ISBN 13 : 9401129568
Total Pages : 248 pages
Book Rating : 4.4/5 (11 download)

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Book Synopsis The Business Cycle: Theories and Evidence by : M.T. Belongia

Download or read book The Business Cycle: Theories and Evidence written by M.T. Belongia and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: These proceedings, from a conference held at the Federal Reserve Bank of St. Louis on October 17-18, 1991, attempted to layout what we currently know about aggregate economic fluctuations. Identifying what we know inevitably reveals what we do not know about such fluctuations as well. From the vantage point of where the conference's participants view our current understanding to be, these proceedings can be seen as suggesting an agenda for further research. The conference was divided into five sections. It began with the formu lation of an empirical definition of the "business cycle" and a recitation of the stylized facts that must be explained by any theory that purports to capture the business cycle's essence. After outlining the historical develop ment and key features of the current "theories" of business cycles, the conference evaluated these theories on the basis of their ability to explain the facts. Included in this evaluation was a discussion of whether (and how) the competing theories could be distinguished empirically. The conference then examined the implications for policy of what is known and not known about business cycles. A panel discussion closed the conference, high lighting important unresolved theoretical and empirical issues that should be taken up in future business cycle research. What Is a Business Cycle? Before gaining a genuine understanding of business cycles, economists must agree and be clear about what they mean when they refer to the cycle.

Business Cycles

Author : Joseph Alois Schumpeter
Publisher : Martino Fine Books
ISBN 13 :
Total Pages : 474 pages
Book Rating : 4.3/5 (555 download)

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Book Synopsis Business Cycles by : Joseph Alois Schumpeter

Download or read book Business Cycles written by Joseph Alois Schumpeter and published by Martino Fine Books. This book was released on 2006 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published: 1st ed. New York: McGraw-Hill Book Co., 1939.

Business Cycles

Author : Andy Mullineux
Publisher : Wiley-Blackwell
ISBN 13 : 9780631185673
Total Pages : 176 pages
Book Rating : 4.1/5 (856 download)

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Book Synopsis Business Cycles by : Andy Mullineux

Download or read book Business Cycles written by Andy Mullineux and published by Wiley-Blackwell. This book was released on 1993-06-07 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook provides a comprehensive and up to date review of the rapidly expanding business cycle literature. It covers three key strands of the theory which have dominated recent literature in the subject: equilibrium (monetary and real) business cycles, nonlinear business, cycle models and political business cycle theories. Business Cycles is designed for advanced undergraduate and postgraduate students of macroeconomics and monetary theory and policy and academic economists wishing to keep abreast of the substantial recent developments in this field.

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.

The Concept of Equilibrium in Different Economic Traditions

Author : Bert Tieben
Publisher : Edward Elgar Publishing
ISBN 13 : 1781953511
Total Pages : 689 pages
Book Rating : 4.7/5 (819 download)

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Book Synopsis The Concept of Equilibrium in Different Economic Traditions by : Bert Tieben

Download or read book The Concept of Equilibrium in Different Economic Traditions written by Bert Tieben and published by Edward Elgar Publishing. This book was released on 2012-07-01 with total page 689 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Bert Tieben is very well read in the history of economic thought and provides an overview of one of the basic concepts of economics that is unrivalled both in its scope and in its thoughtful and detailed discussion of the various currents and schools. It goes right to the heart of economic theory and asks some pertinent questions about the limits and the future of economic theorizing. That is, I think, what sets it apart from many other studies in the history of economic thought: it is history with an eye to the future, and it does all this without making any demands on the mathematical skills of the reader. This book should therefore appeal to everybody who is interested in the methodology of economics and in exploring the boundaries of economic analysis.' Hans Visser, VU University, Amsterdam, The Netherlands This book deals with one of the most puzzling concepts in economic science, that of economic equilibrium. In modern economics, equilibrium is considered a key assumption, but its role is contested by economists both from within the mainstream and from rival schools of thought. What explains the contradictory assessments of the equilibrium concept in economics? Do economists belonging to different traditions disagree about the definition of equilibrium or do they adopt different rules for assessing scientific status? In this unique and exhaustive study, Bert Tieben answers these questions by investigating the history of equilibrium economics from 1700 to the present day. He concludes that ideology strongly coloured the development of this branch of theory, helping to explain the vehemence of the debates surrounding the concept. He also argues that scientific progress in economics may indeed be fostered by such opposition and contention, and calls for cross fertilization and stronger cooperation between the different schools of thought. This resourceful book will appeal to post graduate students and scholars in the history of economic thought and economic methodology. Both neoclassical and heterodox economists, most notably Austrian, post Keynesian and institutional economists, will also find much to interest them.

Business Cycles, Part I

Author : F. A. Hayek
Publisher : University of Chicago Press
ISBN 13 : 0226320464
Total Pages : 303 pages
Book Rating : 4.2/5 (263 download)

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Book Synopsis Business Cycles, Part I by : F. A. Hayek

Download or read book Business Cycles, Part I written by F. A. Hayek and published by University of Chicago Press. This book was released on 2012-01-27 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: “The two Business Cycles volumes bring together” the Nobel Laureate economist’s “most substantial contributions to technical economics” (Roger W. Garrison, Auburn University). In the years following its publication, F. A. Hayek’s pioneering work on business cycles was regarded as an important challenge to what was later known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek’s thoughts on the repercussions of excessive central bank interventions. The latest editions in the University of Chicago Press’s ongoing series The Collected Works of F. A. Hayek, these volumes bring together Hayek’s work on what causes periods of boom and bust in the economy. Moving away from the classical emphasis on equilibrium, Hayek demonstrates that business cycles are generated by the adaptation of the structure of production to changes in relative demand. Thus, when central banks artificially lower interest rates, the result is a misallocation of capital and the creation of asset bubbles and additional instability. Business Cycles, Part I contains Hayek’s two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Reproducing the text of the original 1933 translation of the former, this edition also draws on the original German, as well as more recent translations. For Prices and Production, a variorum edition is presented, incorporating the 1931 first edition and its 1935 revision. Business Cycles, Part II assembles a series of Hayek’s shorter papers on the topic. The two volumes of Business Cycles also include extensive introductions by Hansjoerg Klausinger, providing background on the evolution of Hayek’s thought.

Business Cycles and Equilibrium

Author : Fischer Black
Publisher : John Wiley & Sons
ISBN 13 : 0470499176
Total Pages : 224 pages
Book Rating : 4.4/5 (74 download)

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Book Synopsis Business Cycles and Equilibrium by : Fischer Black

Download or read book Business Cycles and Equilibrium written by Fischer Black and published by John Wiley & Sons. This book was released on 2009-11-02 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated look at what Fischer Black's ideas on business cycles and equilibrium mean today Throughout his career, Fischer Black described a view of business fluctuations based on the idea that a well-developed economy will be continually in equilibrium. In the essays that constitute this book, which is one of only two books Black ever wrote, he explores this idea thoroughly and reaches some surprising conclusions. With the newfound popularity of quantitative finance and risk management, the work of Fischer Black has garnered much attention. Business Cycles and Equilibrium-with its theory that economic and financial markets are in a continual equilibrium-is one of his books that still rings true today, given the current economic crisis. This Updated Edition clearly presents Black's classic theory on business cycles and the concept of equilibrium, and contains a new introduction by the person who knows Black best: Perry Mehrling, author of Fischer Black and the Revolutionary Idea of Finance (Wiley). Mehrling goes inside Black's life to uncover what was occurring during the time Black wrote Business Cycles and Equilibrium, while also shedding light on what Black would make of today's financial and economic meltdown and how he would best advise to move forward. The essays within this book reach some interesting conclusions concerning the role of equilibrium in a developed economy Warns about the use and abuse of modeling Explains the risky business of risk in a straightforward and accessible style Contains chapters dedicated to "the effects of uncontrolled banking," "the trouble with econometric models," and "the effects of noise on investing" Includes commentary on Black's life and work at the time Business Cycles and Equilibrium was written as well as insight as to what Black would make of the current financial meltdown Engaging and informative, the Updated Edition of Business Cycles and Equilibrium will give you a better understanding of what is really going on during these uncertain and volatile financial times.