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What Would Milton Friedman Say About Business Cycles The Plucking Model View
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Book Synopsis What Would Milton Friedman Say about Business Cycles? The Plucking Model View by : Julius Probst
Download or read book What Would Milton Friedman Say about Business Cycles? The Plucking Model View written by Julius Probst and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most macroeconomics assumes that economic activity fluctuates above and below a sustainable growth rate. A more accurate alternative view is Milton Friedman's plucking model, which posits that the economy either grows at its sustainable rate or experiences shortfalls rather than artificial expansions. The justification for the Fed's average inflation targeting framework is more consistent with the plucking model view.
Book Synopsis A Plucking Model of Business Cycles by : Stéphane Dupraz
Download or read book A Plucking Model of Business Cycles written by Stéphane Dupraz and published by . This book was released on 2019 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: In standard models, economic activity fluctuates symmetrically around a "natural rate" and stabilization policies can dampen these fluctuations but do not affect the average level of activity. An alternative view-labeled the "plucking model" by Milton Friedman-is that economic fluctuations are drops below the economy's full potential ceiling. If this view is correct, stabilization policy, by dampening these fluctuations, can raise the average level of activity. We show that the dynamics of the unemployment rate in the US display a striking asymmetry that strongly favors the plucking model: increases in unemployment are followed by decreases of similar amplitude, while the amplitude of the increase is not related to the amplitude of the previous decrease. We develop a microfounded plucking model of the business cycle. The source of asymmetry in our model is downward nominal wage rigidity, which we embed in an explicit search model of the labor market. Our search framework implies that downward nominal wage rigidity is consistent with optimizing behavior and equilibrium. In our plucking model, stabilization policy lowers average unemployment and thereby yields sizable welfare gains.
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.
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 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Theory and Measurement by : J. Daniel Hammond
Download or read book Theory and Measurement written by J. Daniel Hammond and published by Cambridge University Press. This book was released on 2005-11-10 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, from 1948 to 1991, this work examines the history of debates between Friedman and his critics over money's causal role in business cycles. Professor Hammond shows that critics' reactions were grounded in two distinctive features of Friedman and Schwartz's way of doing economic analysis--their National Bureau business cycle methods and Friedman's Marshallian methodology. Drawing extensively on unpublished materials, Professor Hammond's treatment offers new insights on Milton Friedman's attempts to settle debates with his critics and his eventual recognition of the methodological impediments.
Book Synopsis The Shape of Business Cycles by : Emanuel Kohlscheen
Download or read book The Shape of Business Cycles written by Emanuel Kohlscheen and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Collapse and Revival by : Mr.Ayhan Kose
Download or read book Collapse and Revival written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2015-12-16 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the debates about the recent global recession and the subsequent recovery have clearly shown, our understanding of these questions has been very limited. This comprehensive text puts the latest global recession and ongoing recovery in perspective. With the support of a companion website and DVD, we have created several multimedia tools to help understand the basics.
Book Synopsis The "plucking Model" of Business Fluctuations Revisited by : Milton Friedman
Download or read book The "plucking Model" of Business Fluctuations Revisited written by Milton Friedman and published by . This book was released on 1988 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Friedman and Samuelson on the Business Cycle by : Daniel Hammond
Download or read book Friedman and Samuelson on the Business Cycle written by Daniel Hammond and published by . This book was released on 2013 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the public mind, Milton Friedman and Paul Samuelson represent more than any other individuals two competing schools of thought that dominated macroeconomic and business cycle debates over much of the past century.As Americans struggle in the current climate with what to believe about economic conditions and policy, it is instructive to look back at the ideas on business cycles and macroeconomic policy of these two giants of 20th century economics.
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:
Book Synopsis Money, Bank Credit, and Economic Cycles by : Jesús Huerta de Soto
Download or read book Money, Bank Credit, and Economic Cycles written by Jesús Huerta de Soto and published by Ludwig von Mises Institute. This book was released on 2006 with total page 938 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Money Mischief written by Milton Friedman and published by HMH. This book was released on 1994-03-31 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nobel Prize–winning economist explains how value is created, and how that affects everything from your paycheck to global markets. In this “lively, enlightening introduction to monetary history” (Kirkus Reviews), one of the leading figures of the Chicago school of economics that rejected the theories of John Maynard Keynes offers a journey through history to illustrate the importance of understanding monetary economics, and how monetary theory can ignite or deepen inflation. With anecdotes revealing the far-reaching consequences of seemingly minor events—for example, how two obscure Scottish chemists destroyed the presidential prospects of William Jennings Bryan, and how FDR’s domestic politics helped communism triumph in China—as well as plain-English explanations of what the monetary system in the United States means for your personal finances and for everyone from the small business owner on Main Street to the banker on Wall Street, Money Mischief is an enlightening read from the author of Capitalism and Freedom and Free to Choose, who was called “the most influential economist of the second half of the twentieth century” by the Economist.
Book Synopsis A Tract on Monetary Reform by : John Maynard Keynes
Download or read book A Tract on Monetary Reform written by John Maynard Keynes and published by Cosimo Classics. This book was released on 1923 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The long run is a misleading guide to current affairs. In the long run we are all dead." -John Maynard Keynes, A Tract on Monetary Reform (1923) A Tract on Monetary Reform (1923), by British economist John Maynard Keynes, is a masterly analysis of the world monetary situation at the beginning of the twentieth century. Keynes stated the importance of stable domestic prices and a stable currency for a strong economy, while arguing against the gold standard, which at that time was used for the US dollar and many other currencies. Britain abandoned the gold standard in 1931-after it had re-established it in 1925-and the United States abandoned the gold standard in 1933. A Tract on Monetary Reform is essential reading for anyone interested in Keynes' theories and for students of economics or economic history.
Download or read book Eurotragedy written by Ashoka Mody and published by Oxford University Press. This book was released on 2018 with total page 673 pages. Available in PDF, EPUB and Kindle. Book excerpt: EuroTragedy is an incisive exploration of the tragedy of how the European push for integration was based on illusions and delusions pursued in the face of warnings that the pursuit of unity was based on weak foundations.
Download or read book Milton Friedman written by Robert A. Cord and published by Oxford University Press. This book was released on 2016-05-20 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt: Milton Friedman is widely regarded as one of the most influential economists of the twentieth century. Although he made many important contributions to both economic theory and policy - most clearly demonstrated by his development of and support for monetarism - he was also active in various spheres of public policy, where he more often than not pursued his championing of the free market and liberty. This volume assesses the importance of the full range of Friedman's ideas, from his work on methodology in economics, his highly innovative consumption theory, and his extensive research on monetary economics, to his views on contentious social and political issues such as education, conscription, and drugs. It also presents personal recollections of Friedman by some of those who knew him, both as students and colleagues, and offers new evidence on Friedman's interactions with other noted economists, including George Stigler and Lionel Robbins. The volume provides readers with an up to date account of Friedman's work and continuing influence and will help to inform and stimulate further research across a variety of areas, including macroeconomics, the history of economic thought, as well as the development and different uses of public policy. With contributions from a stellar cast, this book will be invaluable to academics and students alike.
Book Synopsis Economists of the Neoliberal Era by : Robert Chernomas
Download or read book Economists of the Neoliberal Era written by Robert Chernomas and published by Pluto Press (UK). This book was released on 2016-10-20 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The profession of economics has a lot to answer for. Since the late 1970s, the ideas of influential economists have justified policies that have made the world more prone to economic crisis, remarkably less equal, more polluted, and less secure than it might be. How did ideas and policies that have proved to be such an abject failure come to dominate the economic landscape? By critically examining the work of the most famous economists of the neoliberal period including Alan Greenspan, Milton Friedman, and Robert Lucas, Robert Chernomas and Ian Hudson demonstrate that many of those who rose to prominence did so primarily because of their defense of, and contribution to, rising corporate profits, rather thantheir ability to predict or explain economic events. An important and controversial book, The Profit Doctrine exposes the uses and abuses of mainstream economic canons, identifies those responsible, and reaffirms the primacy of political economy. "
Book Synopsis The Great Contraction, 1929-1933 by : Milton Friedman
Download or read book The Great Contraction, 1929-1933 written by Milton Friedman and published by Princeton University Press. This book was released on 2012-12-27 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Friedman and Schwartz's A Monetary History of the United States, 1867-1960, published in 1963, stands as one of the most influential economics books of the twentieth century. A landmark achievement, the book marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. The chapter entitled "The Great Contraction, 1929-33" addressed the central economic event of the century, the Great Depression. Published as a stand-alone paperback in 1965, The Great Contraction, 1929-1933 argued that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and ameliorating banking panics. The book served as a clarion call to the monetarist school of thought by emphasizing the importance of the money supply in the functioning of the economy--a concept that has come to inform the actions of central banks worldwide. This edition of the original text includes a new preface by Anna Jacobson Schwartz, as well as a new introduction by the economist Peter Bernstein. It also reprints comments from the current Federal Reserve chairman, Ben Bernanke, originally made on the occasion of Milton Friedman's 90th birthday, on the enduring influence of Friedman and Schwartz's work and vision.
