Prices Wages And Business Cycles

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Wages in the Business Cycle

Author : Jonathan Michie
Publisher : Bloomsbury Publishing
ISBN 13 : 147250819X
Total Pages : 209 pages
Book Rating : 4.4/5 (725 download)

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Book Synopsis Wages in the Business Cycle by : Jonathan Michie

Download or read book Wages in the Business Cycle written by Jonathan Michie and published by Bloomsbury Publishing. This book was released on 2013-11-07 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: During prolonged economic recessions when the normal cyclical expansion of output fails to materialize, the topic of the 'cyclical behaviour of wages' has emerged as an area of debate. In 1985, the British Treasury claimed that academic studies into the cyclical behaviour of wages demonstrated that a cut in wages would increase employment. Wages in the Business Cycle contests this argument by presenting the results of original, empirical work which illustrates the absence of any systematic empirical regularity to wage movements over the business cycle. Jonathan Michie argues that the re-emergence of this debate must be seen within the context of the theory of the 'labour demand function', representing an attempt to challenge the Keynesian theoretical assumptions implicit in the bulk of applied macro economic work up to the late 1970s.

Prices, Wages, and Business Cycles

Author : Burton H. Klein
Publisher : Pergamon
ISBN 13 :
Total Pages : 232 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Prices, Wages, and Business Cycles by : Burton H. Klein

Download or read book Prices, Wages, and Business Cycles written by Burton H. Klein and published by Pergamon. This book was released on 1984 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Economic Growth and Business Cycles

Author : Paolo Sylos Labini
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Economic Growth and Business Cycles by : Paolo Sylos Labini

Download or read book Economic Growth and Business Cycles written by Paolo Sylos Labini and published by Edward Elgar Publishing. This book was released on 1993 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, Professor Sylos Labini offers an analysis of growth that is at once theoretical, historical and statistical. The central aim of neo-classical economics has been to discover the equilibrium values of prices, incomes, employment and production. This text by contrast, seeks to understand the logic behind the movement of these quantities over time.

Labor Markets and Business Cycles

Author : Robert Shimer
Publisher : Princeton University Press
ISBN 13 : 1400835232
Total Pages : 189 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Labor Markets and Business Cycles by : Robert Shimer

Download or read book Labor Markets and Business Cycles written by Robert Shimer and published by Princeton University Press. This book was released on 2010-04-12 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor Markets and Business Cycles integrates search and matching theory with the neoclassical growth model to better understand labor market outcomes. Robert Shimer shows analytically and quantitatively that rigid wages are important for explaining the volatile behavior of the unemployment rate in business cycles. The book focuses on the labor wedge that arises when the marginal rate of substitution between consumption and leisure does not equal the marginal product of labor. According to competitive models of the labor market, the labor wedge should be constant and equal to the labor income tax rate. But in U.S. data, the wedge is strongly countercyclical, making it seem as if recessions are periods when workers are dissuaded from working and firms are dissuaded from hiring because of an increase in the labor income tax rate. When job searches are time consuming and wages are flexible, search frictions--the cost of a job search--act like labor adjustment costs, further exacerbating inconsistencies between the competitive model and data. The book shows that wage rigidities can reconcile the search model with the data, providing a quantitatively more accurate depiction of labor markets, consumption, and investment dynamics. Developing detailed search and matching models, Labor Markets and Business Cycles will be the main reference for those interested in the intersection of labor market dynamics and business cycle research.

The Price of Industrial Labor

Author : James E. Annable
Publisher : Free Press
ISBN 13 : 9780669097818
Total Pages : 272 pages
Book Rating : 4.0/5 (978 download)

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Book Synopsis The Price of Industrial Labor by : James E. Annable

Download or read book The Price of Industrial Labor written by James E. Annable and published by Free Press. This book was released on 1984 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Wages, Regime Switching, and Cycles

Author : Piero Ferri
Publisher : Springer Science & Business Media
ISBN 13 : 3642772412
Total Pages : 172 pages
Book Rating : 4.6/5 (427 download)

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Book Synopsis Wages, Regime Switching, and Cycles by : Piero Ferri

Download or read book Wages, Regime Switching, and Cycles written by Piero Ferri and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: The initial purposes of this book were to update and extend the discussion and the results presented ill our previous book, The Labor Market and Business Cycle Theories. Our 1990 article, which appeared in The Journal of Economic Behavior and Organization, represented a first step in this direction. The consequences of this effort have materialized in a number of new chapters that has led de facto to a new book, in which the surviving parts have been largely revised. The 1989 book was too mathematically oriented for many Keynesians and post Keynesians to be fully appreciated and insufficiently microfounded for both new classicals and new-Keynesians to be warmly accepted, yet we received positive and encouraging comments, and it was sold out very quickly. It was an attempt to dis cuss dynamics in Keynesian terms, based on a double assumption that maintains its validity-that both economic facts and analytical and methodological innova tions had contributed to a renewed interest in business cycles, which over time has had its "ups and downs." Since then, many more articles and books have appeared, stressing in particular the role of microfoundations and of nonlinearities in shaping business cycle theory.

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.

Gold, Prices, and Wages Under the Greenback Standard

Author : Wesley Clair Mitchell
Publisher :
ISBN 13 :
Total Pages : 682 pages
Book Rating : 4.:/5 (45 download)

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Book Synopsis Gold, Prices, and Wages Under the Greenback Standard by : Wesley Clair Mitchell

Download or read book Gold, Prices, and Wages Under the Greenback Standard written by Wesley Clair Mitchell and published by . This book was released on 1908 with total page 682 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Business Cycles, Inflation, and Forecasting

Author : Geoffrey Hoyt Moore
Publisher : Ballinger Publishing Company
ISBN 13 :
Total Pages : 496 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Business Cycles, Inflation, and Forecasting by : Geoffrey Hoyt Moore

Download or read book Business Cycles, Inflation, and Forecasting written by Geoffrey Hoyt Moore and published by Ballinger Publishing Company. This book was released on 1980 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Behavior of Wage Rates During Business Cycles

Author : Daniel Barnett Creamer
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.X/5 ( download)

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Book Synopsis Behavior of Wage Rates During Business Cycles by : Daniel Barnett Creamer

Download or read book Behavior of Wage Rates During Business Cycles written by Daniel Barnett Creamer and published by . This book was released on 1950 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The American Business Cycle

Author : Robert J. Gordon
Publisher : University of Chicago Press
ISBN 13 : 0226304590
Total Pages : 882 pages
Book Rating : 4.2/5 (263 download)

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Book Synopsis The American Business Cycle by : Robert J. Gordon

Download or read book The American Business Cycle written by Robert J. Gordon and published by University of Chicago Press. This book was released on 2007-11-01 with total page 882 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. These circumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are "like the beat of the heart, of the essence of the organism that displays them." In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations. Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the labor market. Five papers focus on aggregate economic activity. In a number of cases, the papers present findings that challenge widely accepted models and assumptions. In addition to its substantive findings, The American Business Cycle includes an appendix containing both the first published history of the NBER business-cycle dating chronology and many previously unpublished historical data series.

The Recent Trend of Real Wages ...

Author : Isaac Max Rubinow
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.3/5 (134 download)

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Book Synopsis The Recent Trend of Real Wages ... by : Isaac Max Rubinow

Download or read book The Recent Trend of Real Wages ... written by Isaac Max Rubinow and published by . This book was released on 1914 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Cost and Price Movements in Business Cycle Theories and Experience

Author : Victor Zarnowitz
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (119 download)

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Book Synopsis Cost and Price Movements in Business Cycle Theories and Experience by : Victor Zarnowitz

Download or read book Cost and Price Movements in Business Cycle Theories and Experience written by Victor Zarnowitz and published by . This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the post-World War II period, wage and price levels reacted much less to business contractions than they did in earlier times. Inflation prevailed and its persistence increased. The contractions themselves became relatively short and mild. All these developments have some common roots in the major structural, institutional, and policy changes of the era. This paper takes a look at the assumptions concerning wage and price behavior in types of contemporary macroeconomic theories and their implications for the analysis of the business cycle. The various hypotheses of real and nominal "rigidities" are then related to each other and to alternative theories of how markets clear. Long-term stable wage and price arrangements or contracts have important equilibrium aspects that are consistent with high degrees of competition; or, to put it differently, there are good reasons for market clearing by nonprice mechanisms. Further, imperfections of competition, information, and markets make some stickiness of wages and prices inevitable. Changes in relative prices and costs, productivity, and profitability play an important role in the process of propagation of business cycles.

Business Cycle Theory

Author : Finn E. Kydland
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 556 pages
Book Rating : 4.3/5 (126 download)

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Book Synopsis Business Cycle Theory by : Finn E. Kydland

Download or read book Business Cycle Theory written by Finn E. Kydland and published by Edward Elgar Publishing. This book was released on 1995 with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is a collection of key articles on modern business cycle theory. Fundamental to business cycle theory is the estimation of the role played by different impulses or shocks for aggregate fluctuations, and identifying the mechanisms by which these impulses propagate over time to create the cycles we observe. Business Cycles Theory is divided into three parts. Part I deals with issues of measurement and methodology and describes empirical business cycle regularities. Parts II and III centre around the study of real and nominal shocks and impulses.

Business Cycles

Author : Wesley Clair Mitchell
Publisher :
ISBN 13 :
Total Pages : 642 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Business Cycles by : Wesley Clair Mitchell

Download or read book Business Cycles written by Wesley Clair Mitchell and published by . This book was released on 1913 with total page 642 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Causes of Business Cycles and the Cyclicality of Real Wages

Author : Charles A. Fleishman
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis The Causes of Business Cycles and the Cyclicality of Real Wages by : Charles A. Fleishman

Download or read book The Causes of Business Cycles and the Cyclicality of Real Wages written by Charles A. Fleishman and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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.