Business Cycles And Equilibrium

Author : Fischer Black
Publisher : John Wiley & Sons
Page : 224 pages
File Size : 46,6 Mb
Release : 2009-11-02
Category : Business & Economics
ISBN : 9780470499177

Get Book

Business Cycles and Equilibrium by Fischer Black Pdf

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.

Author : Kazuo Mino
Publisher : Springer
Page : 230 pages
File Size : 49,7 Mb
Release : 2017-07-11
Category : Business & Economics
ISBN : 9784431556091

Get Book

Growth and Business Cycles with Equilibrium Indeterminacy by Kazuo Mino Pdf

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.

Author : Fischer S. Black
Publisher : MIT Press
Page : 361 pages
File Size : 52,6 Mb
Release : 2010-05-21
Category : Business & Economics
ISBN : 9780262514095

Get Book

Exploring General Equilibrium by Fischer S. Black Pdf

An incisive, unconventional assessment of general equilibrium theory; with a previously unpublished paper. Fischer Black is known for his brilliance as well as his sometimes controversial opinions. Highly respected for his scholarly writings in finance, he now moves into different territory with this incisive, unconventional assessment of general equilibrium theory and what that theory reveals about business cycles, growth, and labor economics. The general equilibrium approach, Black asserts, can be used to explain most of the economy's behavior. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment, and inventories with axiomatic utility and constant-returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment, and the behavior of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job, and the forces that cause migration from poor to rich countries. Although the general equilibrium approach can't be tested in conventional ways, it can be used to generate examples that explain stylized facts—generalized observations from the real world—that have preoccupied macroeconomists for the last decade. Black contrasts his interpretation of these facts with conventional interpretations. Finally, he reviews a substantial body of literature on these topics.

Author : Roberto Baranzini,Daniele Besomi
Publisher : Taylor & Francis
Page : 299 pages
File Size : 52,5 Mb
Release : 2022-08-25
Category : Business & Economics
ISBN : 9781000638455

Get Book

Metaphors in the History of Economic Thought by Roberto Baranzini,Daniele Besomi Pdf

Metaphors in the History of Economic Thought: Crises, Business Cycles and Equilibrium explores the evolution of economic theorizing through the lens of metaphors. The edited volume sheds light on metaphors which have been used by a range of key thinkers and schools of thought to describe economic crises, business cycles and economic equilibrium. Structured in three parts, the book examines an array of metaphors ranging from mechanics, waves, storms, medicine and beyond. The international panel of contributors focuses primarily on economic literature up to the Second World War, knowing again that the use of metaphors in economic work has seen a resurgence since the 1980s. This work will be of interest to advanced students and researchers in the history of economic thought, and economics and language.

Author : Mr.Enrique G. Mendoza,MissZhanwei Z. Yue
Publisher : International Monetary Fund
Page : 56 pages
File Size : 45,7 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781462302222

Get Book

A General Equilibrium Model of Sovereign Default and Business Cycles by Mr.Enrique G. Mendoza,MissZhanwei Z. Yue Pdf

Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both sovereign default and business cycles. In the model, some imported inputs require working capital financing; default on public and private obligations occurs simultaneously. The model explains several features of cyclical dynamics around default triggers an efficiency loss as these inputs are replaced by imperfect substitutes; and default on public and private obligations occurs simultaneously. The model explains several features of cyclical dynamics around deraults, countercyclical spreads, high debt ratios, and key business cycle moments.

Author : Thomas F. Cooley
Publisher : Princeton University Press
Page : 452 pages
File Size : 55,5 Mb
Release : 1995-02-26
Category : Business & Economics
ISBN : 069104323X

Get Book

Frontiers of Business Cycle Research by Thomas F. Cooley Pdf

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 : F. A. Hayek
Publisher : University of Chicago Press
Page : 303 pages
File Size : 48,7 Mb
Release : 2012-01-27
Category : Business & Economics
ISBN : 9780226320465

Get Book

Business Cycles, Part I by F. A. Hayek Pdf

“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.

Author : Andy Mullineux,David G. Dickinson,Wensheng Peng
Publisher : Wiley-Blackwell
Page : 176 pages
File Size : 42,9 Mb
Release : 1993-06-07
Category : Business & Economics
ISBN : 0631185674

Get Book

Business Cycles by Andy Mullineux,David G. Dickinson,Wensheng Peng Pdf

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 : Bookboon
Page : 146 pages
File Size : 45,9 Mb
Release : 1990
Category : Business cycles
ISBN : 9788776818852

Get Book

Business Cycles and Financial Crises by A. W. Mullineux Pdf

Author : Robert J. Barro
Publisher : Unknown
Page : 358 pages
File Size : 52,7 Mb
Release : 1989
Category : Business & Economics
ISBN : UOM:39015014556875

Get Book

Modern Business Cycle Theory by Robert J. Barro Pdf

The new classical approach to macroeconomics, which assumes that people gather and use economic information efficiently, has been the most important theoretical advance since the Keynesian revolution of the 1930s. This book surveys the major contributions of the "second generation" of proponents of the new classical approach, emphasizing real business cycle theories and applying them to a variety of phenomena. The chapters include expositions of growth theory, real models of business fluctuations, the informational role of prices, consumption, fiscal policy, rules versus discretion in monetary policy, time consistency and policy, and monetary models. Although the chapters are aimed at advanced undergraduate- and graduate-level students, they will also be of interest to researchers who are looking for a compact and original exposition of the new classical macroeconomics.

Author : John Stachurski,Alain Venditti,Makoto Yano
Publisher : Springer Science & Business Media
Page : 454 pages
File Size : 54,7 Mb
Release : 2012-01-25
Category : Business & Economics
ISBN : 9783642223976

Get Book

Nonlinear Dynamics in Equilibrium Models by John Stachurski,Alain Venditti,Makoto Yano Pdf

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.

Author : James Hartley,Kevin Hoover,Kevin D. Salyer
Publisher : Routledge
Page : 690 pages
File Size : 44,9 Mb
Release : 2013-07-04
Category : Business & Economics
ISBN : 9781134694785

Get Book

Real Business Cycles by James Hartley,Kevin Hoover,Kevin D. Salyer Pdf

Real Business Cycle theory combines the remains of monetarism with the new classical macroeconomics, and has become one of the dominant approaches within contemporary macroeconomics today. This volume presents: * the authoritative anthology in RBC. The work contains the major articles introducing and extending the theory as well as critical literature * an extensive introduction which contains an expository summary and critical evaluation of RBC theory * comprehensive coverage and balance between seminal papers and extensions; proponents and critics; and theory and empirics. Macroeconomics is a compulsory element in most economics courses, and this book will be an essential guide to one of its major theories.

Author : Thomas F. Cooley
Publisher : Princeton University Press
Page : 442 pages
File Size : 44,6 Mb
Release : 2020-09-01
Category : Business & Economics
ISBN : 9780691218052

Get Book

Frontiers of Business Cycle Research by Thomas F. Cooley Pdf

Among the most revolutionary and productive areas of economic research over the last two decades, modern business cycle theory is finally made accessible to students and professionals in this rigorous, unified, introductory volume. This theory starts with the view that growth and fluctuations are not distinct phenomena to be studied separately--and that business cycles result from shocks (such as the availability of new technologies), which regularly affect most economies. The unifying theme of this book is the use of the neoclassical growth framework to study the economic fluctuations associated with the business cycle. Presenting recent advances in dynamic economic theory and computational methods--with emphasis on the construction of equilibrium paths for simple artificial economies--leading experts orient readers in the quantitative study of aggregate fluctuations and apply its concepts to key issues in macroeconomics and business cycle theory. This volume covers such issues as the aggregate labor market, the role of the household sector, the role of money, the behavior of asset markets, non-Walrasian economies, monopolistically competitive economies, international business cycles, and the design of economic policies. The contributors are David Backus, V. V. Chari, Lawrence Christiano, Thomas F. Cooley, Jean-Pierre Danthine, John Donaldson, Jeremy Greenwood, Gary D. Hansen, Patrick Kehoe, Finn Kydland, Edward C. Prescott, Richard Rogerson, Julio Rotemberg, Geert Rouwenhorst, José-Víctor Ríos-Rull, Michael Woodford, and Randall Wright.

Author : Kim Kyun
Publisher : Cambridge University Press
Page : 141 pages
File Size : 47,7 Mb
Release : 1988-06-24
Category : Business & Economics
ISBN : 9780521350785

Get Book

Equilibrium Business Cycle Theory in Historical Perspective by Kim Kyun Pdf

This book presents a historical investigation of the theoretical development of contemporary Equilibrium Business Cycle Theory (EBCT). The author examines the central features of the EBCT by tracing both the history of business cycle theory and the history of econometrics. These historical analyses make clear two cental principles of the EBCT: its optimization foundation and its economic strategy. Following along these lines, the author argues that the EBCT succeeds the tradition of the Austrian cycle theory that attempted to incorporate the cycle with classical equilibrium doctrine. He further argues that the EBCT's econometric strategy is only a child of the Cowles commission method. Presenting a fresh viewpoint of interwar macroeconomics in very readable style, this book brings the period back into the heart of macroeconomic thinking today.

Author : Jess Benhabib
Publisher : Princeton University Press
Page : 490 pages
File Size : 53,7 Mb
Release : 2021-02-09
Category : Business & Economics
ISBN : 9780691225210

Get Book

Cycles and Chaos in Economic Equilibrium by Jess Benhabib Pdf

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.