Two Essays in Business Cycle Theory

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (612 download)

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Book Synopsis Two Essays in Business Cycle Theory by : Nazneen Ahmad

Download or read book Two Essays in Business Cycle Theory written by Nazneen Ahmad and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies two interesting business cycle issues. The first issue concerns the effectiveness of tax policies in stimulating an economic recovery. The second issue concerns the costs of business cycle fluctuations to an investor who chooses to invest in risky assets. The first essay evaluates the effectiveness of the "end of double tax" policy in stimulating an economic recovery by analyzing the transitional dynamics of the economy's aggregates toward the steady states. The effectiveness of this policy is compared with two alternative policies that reduce corporate income or personal income taxes. Although all of these tax policies are found to stimulate the economy's levels of output and investment, the "end of double taxation" appears to exert the most significant impact on the aggregate levels of these variables in the short run. Based on this finding, we claim that the "end of double taxation" is an effective policy for stimulating an economic recovery in the short-run. In a thought-provoking exercise Lucas (1987 and 2003) argues that the welfare costs of business cycles is negligible. The second essay follows up on this argument by incorporating prospect theory into the formulation of individual preferences. Prospect theory proposes that agents care about changes in their wealth level rather than the level of their final wealth, and individuals are also taken to be more sensitive to losses than gains in their financial wealth. According to the prospect theory, therefore, the agents take fluctuations in the asset returns seriously. Results from empirical tests find that an individual investor, on average, would give up 2.58-9.49% of the average returns, she receives from investing in the risky asset, in order to eliminate all the fluctuations associated with her asset returns. This result is interpreted as an indication of much larger welfare costs than Lucas's estimates.

Hayek's Triangles: Two Essays On The Business Cycle

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Publisher : Laissez Faire Books
ISBN 13 : 1621290549
Total Pages : 215 pages
Book Rating : 4.6/5 (212 download)

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Book Synopsis Hayek's Triangles: Two Essays On The Business Cycle by :

Download or read book Hayek's Triangles: Two Essays On The Business Cycle written by and published by Laissez Faire Books. This book was released on with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Two Essays in Real Business Cycle Theory

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Publisher :
ISBN 13 :
Total Pages : 154 pages
Book Rating : 4.:/5 (16 download)

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Book Synopsis Two Essays in Real Business Cycle Theory by : Paul A. Gomme

Download or read book Two Essays in Real Business Cycle Theory written by Paul A. Gomme and published by . This book was released on 1991 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Theory of Economic Dynamics

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Publisher :
ISBN 13 : 9781583677254
Total Pages : 180 pages
Book Rating : 4.6/5 (772 download)

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Book Synopsis Theory of Economic Dynamics by : Michal Kalecki

Download or read book Theory of Economic Dynamics written by Michal Kalecki and published by . This book was released on 2009 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Business Cycles

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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 Cycles, Part I

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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.

The Austrian Theory of the Trade Cycle and Other Essays

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Publisher : Ludwig von Mises Institute
ISBN 13 : 1610164997
Total Pages : 130 pages
Book Rating : 4.6/5 (11 download)

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Book Synopsis The Austrian Theory of the Trade Cycle and Other Essays by : Ludwig Von Mises

Download or read book The Austrian Theory of the Trade Cycle and Other Essays written by Ludwig Von Mises and published by Ludwig von Mises Institute. This book was released on 1978 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Business Cycles

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Publisher : Routledge
ISBN 13 : 0429637985
Total Pages : 362 pages
Book Rating : 4.4/5 (296 download)

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Book Synopsis Business Cycles by : F.A. Hayek

Download or read book Business Cycles written by F.A. Hayek and published by Routledge. This book was released on 2020-06-29 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Routledge'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, ranging from the 1920s to 1981. In addition to bringing together Hayek's work on the evolution of business cycles, the two volumes of Business Cycles also include extensive introductions by Hansjoerg Klausinger, placing the writings in intellectual context, including their reception and the theoretical debates to which they contributed, and providing background on the evolution of Hayek's thought.

Essays in business cycle theory

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Publisher :
ISBN 13 :
Total Pages : 294 pages
Book Rating : 4.:/5 (321 download)

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Book Synopsis Essays in business cycle theory by : Ghassan Labib Dibeh

Download or read book Essays in business cycle theory written by Ghassan Labib Dibeh and published by . This book was released on 1994 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Business Cycles

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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.

Two Essays on Business Cycle Models

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ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (846 download)

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Book Synopsis Two Essays on Business Cycle Models by : Tamon Takamura

Download or read book Two Essays on Business Cycle Models written by Tamon Takamura and published by . This book was released on 2012 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Canonical business cycle theories are incapable of explaining some recent patterns in the data. My research explores generalizations of them towards a resolution of these empirical anomalies. The first chapter, "An Empirical Evaluation of Sticky Information in a Two-Sector Model with Durable Goods," examines the empirical plausibility of the model developed by Kitamura and Takamura (2008), which presents a solution to the negative comovement problem discussed by Barsky, House and Kimball (BHK, 2007). Using the theoretical model presented by Kitamura and Takamura (2008), I compare impulse response functions in the model with those obtained from a structural VAR. Model-implied impulse response functions for sectoral output and inflation fit data well, for both durable and nondurable goods, over the period 1980Q1-2007Q4. Moreover, the minimum distance estimate of the degree of sticky information is 0.70, which is lower than the value used by Mankiw and Reis (2002) in their one-sector economy. This suggests that sticky information and firm-specific factors offer both a simple method to correct for the BHK puzzle and a useful strategy to generate plausible impulse responses in a two-sector economy. In the second chapter, "A General Equilibrium Model with Banks and Default on Loans," I develop a model to explain aggregate business cycle patterns in the U.S. after 1990. A particular interest of this chapter is to analyze the interaction between banks and the real sector. During the recent financial crisis, banks reduced new business lending amidst concerns about borrowers' ability to repay. At the same time, firms facing higher borrowing costs alongside a worsening economic outlook reduced investment. My model explicitly introduces banks into a business cycle model. I assume that a banks' ability to raise deposits is constrained by a limited commitment problem and that, furthermore, loans to firms involve default risk. In this environment, changes in loan rates affect the size of the business sector. I explore how banks influence the behavior of households and firms and find that both productivity and financial shocks lead to counter-cyclical default and interest rate spreads. I examine the implications of a government capital injection designed to mitigate the effect of negative productivity and financial shocks in the spirit of the Troubled Asset Relief Program (TARP). I find that the stabilizing effect of such policy interventions hinges on the source of the shock. In particular, a capital injection is less effective against aggregate productivity shocks because easing banks' lending stance only weakly stimulates firms' demand for loans when aggregate productivity falls. In contrast, a capital injection can counteract the adverse effect of financial shocks on the supply of loans. Finally, I measure aggregate productivity and financial shocks to evaluate the role of each in the business cycle. I find that the contribution of aggregate productivity shocks in aggregate output and investment is large until mid-2008. Financial shocks explains 65% of the fall in investment and 55% of the fall in output in the first quarter of 2009.

Essays on Business Cycles and Monetary Policy

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (134 download)

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Book Synopsis Essays on Business Cycles and Monetary Policy by : Emrehan Aktuğ

Download or read book Essays on Business Cycles and Monetary Policy written by Emrehan Aktuğ and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation investigates the nonlinear dynamics in business cycles and the transmission of monetary policy using both empirical and theoretical frameworks. Chapter 1 examines the impact of macroeconomic asymmetry on the welfare cost of business cycles. I investigate the welfare cost of business cycles due to asymmetries generated by two occasionally binding constraints (OBCs): downward nominal wage rigidity (DNWR) and zero lower bound (ZLB). Although business cycle volatility has declined recently as the Great Moderation literature suggests, I find that the welfare cost of business cycles has doubled due to the increased skewness of business cycles over time that is apparent in the data. In a quantitative dynamic equilibrium model that accounts for volatility and skewness changes in pre and postVolcker periods, I estimate that the welfare cost of business cycles has increased from 0.57% (in terms of consumption equivalence) in the pre-Volcker period to 0.97% in the post-Volcker period. Counterfactual analysis shows that while both OBCs play a role, the binding ZLB explains most of the welfare effects in the post-Volcker period. Policy counterfactuals indicate that increasing the inflation target from 2% to 4% reduces the skewness of business cycles and the binding rates of both OBCs, thereby leading to a significant decrease in the welfare cost, from 0.97% to 0.67%. In Chapter 2, I investigate the welfare maximizing steady-state inflation rate in a heterogeneousagent New Keynesian model with Downward Nominal Wage Rigidity (DNWR). After matching the annual wage change distribution in the U.S., I show that DNWR has a very significant impact on the economy when the inflation target is low. Considering the effect of the zero lower bound, price dispersion due to sticky prices, declining natural rate of interest, and lower trend productivity, I find that the optimal inflation target should be much higher than 2%, close to 7%. This result holds taking transition dynamics into account and is robust to a wide range of parameterizations. Lastly, Chapter 3 analyzes the impact of heterogeneity in wage and price stickiness on the transmission of monetary policy. Using the price and wage rigidity estimates of previous studies, I find a slightly negative correlation between wage and price rigidity at the industry level. After categorizing 3-digit industries as rigid and flexible, I analyze the impulse responses of real variables to a monetary policy shock. I document a significant response of industrial production in price-rigid industries, whereas in wage-rigid industries the response is still significant but weaker. Consistent with the theory, the response in price- and wage-flexible industries is not significant. The empirical results suggest that due to relatively lower variation in wage stickiness at the industry level, price stickiness plays a more important role in the differential response of industries to a monetary policy shock. Besides, I develop a multi-sector model incorporating sector-level heterogeneity both in wage and price rigidity into an otherwise standard New Keynesian model and analyze the monetary non-neutrality for different specifications. The results of the model verify the empirical findings

Business Cycles

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Publisher : Routledge
ISBN 13 : 1135744998
Total Pages : 306 pages
Book Rating : 4.1/5 (357 download)

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Book Synopsis Business Cycles by : F.A. Hayek

Download or read book Business Cycles written by F.A. Hayek and published by Routledge. This book was released on 2013-05-07 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: The latest editions in Routledge'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. 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.

Essays in monetary business cycle theory

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Publisher :
ISBN 13 :
Total Pages : 138 pages
Book Rating : 4.:/5 (643 download)

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Book Synopsis Essays in monetary business cycle theory by : Prapatchon Jariyapan

Download or read book Essays in monetary business cycle theory written by Prapatchon Jariyapan and published by . This book was released on 2002 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Two Essays on the Sources of Business Cycle Fluctuations

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Publisher :
ISBN 13 : 9780549393498
Total Pages : 192 pages
Book Rating : 4.3/5 (934 download)

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Book Synopsis Two Essays on the Sources of Business Cycle Fluctuations by : Kyungsoo Cha

Download or read book Two Essays on the Sources of Business Cycle Fluctuations written by Kyungsoo Cha and published by . This book was released on 2007 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Re-examining contributions of the 1930s U.S. financial crisis to the Great Depression. This paper tries to resolve the litmus test of macroeconomic theories, the Great Depression. Since the work of Friedman and Schwartz (1963), the contributions of the 1930s financial crisis to the Great Depression have been mainly interpreted via the money-output link with sticky nominal wages within the monetary paradigm. However, some macroeconomists recently argue the plausibility of the monetary explanation and devaluate the effects of the financial crisis. Thus, this paper provides empirical evidence on the plausibility of the monetary explanation and re-examines the contributions of the financial crisis shock to the Great Depression. Results show that it seems difficult to support the money-output link with sticky nominal wages. Nevertheless, the data displays that the financial crisis can account for large fractions of the total variability of aggregate variables during the Great Depression, implying the plausibility of the other channel which emphasizes a reduction in real intermediated investment through the ineffectiveness of financial intermediaries.

Three Essays on Productivity (RLE: Business Cycles)

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Publisher : Routledge
ISBN 13 : 1317502523
Total Pages : 190 pages
Book Rating : 4.3/5 (175 download)

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Book Synopsis Three Essays on Productivity (RLE: Business Cycles) by : Mark J. Lasky

Download or read book Three Essays on Productivity (RLE: Business Cycles) written by Mark J. Lasky and published by Routledge. This book was released on 2015-03-27 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behaviour of US productivity since this book was originally publishedin 1994, has added new relevance to the relationship between profits and productivity. In the long run, productivity growth determines the economic standard of living. This book is divided into three parts: the basis of the first is the empirical finding that, controlling for normal business cycle effects, productivity grows faster when profits have been low than otherwise. The second part discusses how to measure marginal cost using time series data and the third tests a basic assumption that productivity growth is exogenous to labour and capital.

Essays in Economic Dynamics

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Publisher : Springer
ISBN 13 : 1349055042
Total Pages : 232 pages
Book Rating : 4.3/5 (49 download)

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Book Synopsis Essays in Economic Dynamics by : R.M. Goodwin

Download or read book Essays in Economic Dynamics written by R.M. Goodwin and published by Springer. This book was released on 1982-07-15 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: