Download or read book Growth and Business Cycles with Equilibrium Indeterminacy written by Kazuo Mino and published by Springer. This book was released on 2017-07-11 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, the issue of equilibrium indeterminacy has been one of the major research concerns in macroeconomic dynamics. Growth and Business Cycles with Equilibrium Indeterminacy discusses the main topics in this literature. Based on comprehensive surveys and the author’s original research, this book explores sunspot-driven fluctuations in real business cycle models, multiple equilibria in endogenous growth models, and the stabilization effects of fiscal and monetary policy rules. The book also considers equilibrium indeterminacy in open economy models.
Download or read book Business Cycle Models with Indeterminacy written by Mark Weder and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: Three original models which explain business cycles as a result of self-fulfilling expectations are presented. The models are founded on the structure of dynamic general equilibrium theory. Market power and increasing returns to scale are introduced which allow indeterminancy of the Rational Expectations equilibria to be obtained. Unlike the majority of existing literature on this subject, the departures from perfect markets and constant returns presented in these models are very low and, more importantly, at a realistic level to achieve the respective results. It is demonstrated in all of the presented models that stylized facts of the business cycle can be reproduced.
Download or read book Nonlinear Dynamics in Equilibrium Models written by John Stachurski and published by Springer Science & Business Media. This book was released on 2012-01-25 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals. Chapter “Introduction” is available open access under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License via link.springer.com.
Download or read book Growth Cycles written by George W. Evans and published by . This book was released on 1996 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: We construct a rational expectations model in which aggregate growth alternates between a low growth and a high growth state. When all agents expect growth to be slow, the returns on investment are low, and little investment takes place. This slows growth and confirms the prediction that the returns on investment will be low. But if agents expect fast growth, investment is high, returns are high, and growth is rapid. This expectational indeterminacy is induced by complementarity between different types of capital goods. In a growth cycle there are stochastic shifts between high and low growth states and agents take full account of these transitions. The rules that agents need to form rational expectations in this equilibrium are simple. The equilibrium with growth cycles is stable under the dynamics implied by a correspondingly simple learning rule.
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.
Download or read book Business Cycles written by Kirsten Ralf and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: When writing the preface the main work has been done. What remains is thanking all those people who directly or indirectly contributed to the out come. My thanks go to my family and friends for their encouragement towards the completion of this book. Among the academic profession, I would like to thank Prof. Dr. Dr. Harald Scherf, my academic teacher, first. During the years at Hamburg University I benefitted especially from his profound knowledge of Keynesian theory. His way of examining an argument in an unbiased way helped me a lot to carry out the reseach I wanted to do. His confidence enabled me to finish the work. A part of the book was written while I was a visiting fellow at DELTA, Paris, where I am particularly indebted to Roger Guesnerie. I have benefitted from his encouragement, advice, and gentle criticism during discussions and seminars, especially on the topic of the time structure of economic dynamics. I would like to acknowledge the hospitality and stimulating atmosphere at DELTA. Different versions of the manuscript, or parts of it have been read by Prof. Dr. Manfred Holler, Dr. Jorg Bibow and Dr. Gabriele Kasten. Their comments and suggestions were quite helpul and are gratefully acknowledged. Additionally, I have to thank Prof. Dr. M. Funke and Prof. Dr. V. Timmer mann.
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.
Download or read book Transformational Growth and the Business Cycle written by Edward Nell and published by Routledge. This book was released on 2005-09-27 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the concept of Transformational Growth from a number of different historical and geographical perspectives. Transformational Growth sees the economy as an evolving system in which the market selects and finances innovations, changing the character of costs and affecting the pattern of market adjustment. This creates the possibility that markets will work differently in particular historical periods. This book explores market adjustments in two distinct historical periods, 1870-1914 and 1945-the present. The book focuses on six countries: USA, United Kingdom, Canada, Germany, Japan and Argentina. In all cases the earlier period, dominated by craft-based technologies, proves to be the one in which markets adjust through a weakly stabilising price mechanism. By contrast, in the later period, in all cases, with the exception of Argentina, there is no evidence of such a price mechanism, but in its place can be seen a multiplier-accelerator process which, arguably, reflects a change of technology to mass-production.
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 266 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.
Download or read book Cycles Growth and Structural Change written by Lionello F Punzo and published by Routledge. This book was released on 2003-09-02 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume gathers together key new contributions on the subject of the relationship, both empirical and theoretical, between economic oscillations, growth and structural change. Employing a sophisticated level of mathematical modelling, the collection contains articles from, amongst others, William Baumol, Katsuhito Iwai and William Brock.
Download or read book Cycles and Chaos in Economic Equilibrium written by Jess Benhabib and published by Princeton University Press. This book was released on 1992-03-23 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years economists have begun to use the techniques of non-linear dynamics to show that some apparently erratic and turbulent economic phenomena reflect subtle underlying patterns. How do cyclic and chaotic dynamics arise in economic models of equilibrium? How can empirical methods be used to detect nonlinearities and cyclic and chaotic structures in economic models? In examining these questions, this book brings together the most significant work that has been done to date in economics-based chaos theory. Selected here particularly for the economist who is not a specialist in chaos theory, the essays, some previously unpublished and others not widely available, describe a new tool for understanding business cycles, stabilization policy, and forecasting. The contributors to the volume are William J. Baumol, Jess Benhabib, Michele Boldrin, William A. Brock, Richard H. Day, Raymond J. Deneckere, Allan Drazen, Jean-Michel Grandmont, Kenneth L. Judd, Bruno Jullien, Guy Laroque, Blake LeBaron, Bruce McNevin, Luigi Montrucchio, Salih Nefti, Kazuo Nishimura, James B. Ramsey, Pietro Reichlin, Philip Rothman, Chera L. Sayers, Jos A. Scheinkman, Wayne Shafer, William Whitesell, Edward N. Wolff, and Michael Woodford.
Download or read book Endogenous Business Cycles and the Dynamics of Output Hours and Consumption written by Stephanie Schmitt-Grohé and published by . This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2004-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Download or read book Do Equilibrium Real Business Cycle Theories Explain Post war U S Business Cycles written by Martin S. Eichenbaum and published by . This book was released on 1986 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Determinants of Growth and Business Cycles written by Christoph Hausen and published by . This book was released on 2003 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth and business cycles are two distinct, but closely related issues. Economic growth is one of the most demanding challenges for policy makers and economists all over the world. In industrial countries, significant demographic changes in the decades ahead will have a major impact. At the same time, the degree of interdependency between economic regions is increasing, posing a challenge for industrial as well as developing countries. Business cycles as a topic for economic research sometimes follow a cyclical pattern themselves. Especially after long and strong boom periods the business cycle is often said to be obsolete, replaced by a new kind of pattern, a 'new' economy or the like. The empirical problem for analysts of both growth and business cycles is that new developments are difficult to monitor in real time. Cyclical, structural and other patterns are overlapping, making it difficult to assess the nature of observations. The INFER Annual Conference 2003 on "Determinants of Growth and Business Cycles: Theory, Empirical Evidence and Policy Implications" which was held in September 2003 in Giessen, Germany, gave room for theoretical papers, empirical results and case studies, including vigorous policy statements as well as elaborate modelling with a focus on practical relevance. Most of the presented papers and one of the introductory lectures are included in this volume. Papers were presented in three sessions: Session I focused on the "Determinants of Growth". Session II was on "Business Cycles: Theory and Empirical Evidence". Session III covered "Convergence and Economic Development". Contributors to this volume come from two continents and eight countries, working in research institutes, universities, central banks and international organisations.
Download or read book The Business Cycle written by Howard J. Sherman and published by . This book was released on 1991 with total page 447 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are the recurring recessions of the capitalist world merely short-term adjustments to changing economic circumstances in a system that tends, in general, toward equilibrium? In this accessible study of the business cycle, Howard Sherman makes a powerful case that recessions and painful involuntary unemployment are endogenous to capitalism. Drawing especially on the work of Wesley Clair Mitchell, Karl Marx, and John M. Keynes, Sherman explains why the nature of the business cycle produces serious economic loss and misery during its contraction phase, just as it produces growth in its expansion phase. Originally published in 1992. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books while presenting them in durable paperback editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Download or read book The Macroeconomics of Self fulfilling Prophecies written by Roger E. A. Farmer and published by MIT Press. This book was released on 1999 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Farmer argues for the future of macroeconomics as a branch ofapplied general equilibrium theory. His main theme is thatmacroeconomics is best viewed as the study of equilibrium environmentsin which the welfare theorems break down.
