[PDF] The Business Cycle Theories And Evidence eBook

Author : M.T. Belongia
Publisher : Springer Science & Business Media
Page : 248 pages
File Size : 38,71 MB
Release : 2012-12-06
Category : Business & Economics
ISBN : 9401129568

GET BOOK

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.

Author : Victor Zarnowitz
Publisher : University of Chicago Press
Page : 613 pages
File Size : 11,65 MB
Release : 2007-11-01
Category : Business & Economics
ISBN : 0226978923

GET BOOK

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.

Author : Andy Mullineux
Publisher : Wiley-Blackwell
Page : 176 pages
File Size : 17,48 MB
Release : 1993-06-07
Category : Business & Economics
ISBN : 9780631185673

GET BOOK

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.

Author : A. W. Mullineux
Publisher : Rowman & Littlefield
Page : 156 pages
File Size : 39,16 MB
Release : 1984
Category : Business & Economics
ISBN : 9780389204534

GET BOOK

This up-to-date book on modern theories of the business cycle fills a gap in the literature by presenting a comprehensive analysis of the major theoretical work before and after 1970. The author focuses on the Political and Equilibrium theories of the cycle with special attention to the role of government in each of these theories, considers evidence supporting these modern theories and their underlying hypotheses, and analyzes business cycle modeling and the role of government in the cycle.

Author : M.T. Belongia
Publisher : Springer
Page : 209 pages
File Size : 22,69 MB
Release : 1992-10-31
Category : Business & Economics
ISBN : 9780792392392

GET BOOK

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.

Author : Thomas F. Cooley
Publisher : Princeton University Press
Page : 452 pages
File Size : 13,95 MB
Release : 1995-02-26
Category : Business & Economics
ISBN : 9780691043234

GET BOOK

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

Author : Günter Gabisch
Publisher : Springer Science & Business Media
Page : 256 pages
File Size : 34,93 MB
Release : 2013-03-09
Category : Business & Economics
ISBN : 3642747159

GET BOOK

"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 1960s 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 Western 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 be come 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 anticyclic demand policies. From the 1950s until the mid-1960s 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 dependence on particular parameter values (in order to exhibit oscillatory motion) suggested a rather improbable occurrence of persistent fluctuations. The obvi ous success in compensating business cycles in those days prevented intensive concern with the occurrence of cycles. Rather, business cycle theory turned into stabilization theory which investigated theoretical possibilities of stabilizing a fluctuating economy. Many macroeconomic textbooks appeared in the 1960s which consequently identified business cycle theory with inquiries on the possibilities to stabilize economies by means of active fiscal or monetary policies.

Author : Philip E. Mirowski
Publisher : Routledge
Page : 332 pages
File Size : 24,81 MB
Release : 2015-03-27
Category : Business & Economics
ISBN : 1317512235

GET BOOK

Discussing economic theory and English economic history from the eighteenth century until the late 1970s this volume discusses among other things fixed capital and problems with the definition of the premodern economy as well as providing a chronology of 18th century business cycles.

Author : M.T. Belongia
Publisher : Springer Science & Business Media
Page : 248 pages
File Size : 31,15 MB
Release : 1992-10-31
Category : Business & Economics
ISBN : 9780792392392

GET BOOK

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.

Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
Page : 50 pages
File Size : 16,80 MB
Release : 2020-05-29
Category : Business & Economics
ISBN : 1513536990

GET BOOK

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.