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Author : Kazuo Mino
Publisher : Unknown
Page : 230 pages
File Size : 44,8 Mb
Release : 2017
Category : Economic development
ISBN : 4431556109
Author : John Stachurski,Alain Venditti,Makoto Yano
Publisher : Springer Science & Business Media
Page : 454 pages
File Size : 52,9 Mb
Release : 2012-01-25
Category : Business & Economics
ISBN : 9783642223976
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 : Kazuo Mino
Publisher : Springer
Page : 230 pages
File Size : 54,9 Mb
Release : 2017-07-11
Category : Business & Economics
ISBN : 9784431556091
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 : Mark Weder
Publisher : Springer Science & Business Media
Page : 186 pages
File Size : 49,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642470189
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.
Author : George W. Evans,Seppo Honkapohja,Paul Michael Romer
Publisher : Unknown
Page : 62 pages
File Size : 55,5 Mb
Release : 1996
Category : Business cycles
ISBN : UCSD:31822023659055
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.
Author : James Hartley,Kevin Hoover,Kevin D. Salyer
Publisher : Routledge
Page : 690 pages
File Size : 40,7 Mb
Release : 2013-07-04
Category : Business & Economics
ISBN : 9781134694785
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 : Stanley Bober
Publisher : Unknown
Page : 328 pages
File Size : 53,6 Mb
Release : 1968
Category : Business cycles
ISBN : UCAL:$B665923
Textbook on business cycles and economic growth in aggregate economics - analyses economic models and economic theories, covers the characteristics of change, the anatomy of the cycle, consumption expenditures and investment expenditures, etc., and includes models of steady growth. Diagrams and references.
Author : Ken Black
Publisher : Wiley-Blackwell
Page : 196 pages
File Size : 51,5 Mb
Release : 1991-01-08
Category : Business & Economics
ISBN : 0631174931
Throughout his career Fisher Black has 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 he explores this idea thoroughly and reaches some surprising conclusions. Provocative and clearly written, Business Cycles and Equilibrium will be of value to students of macroeconomics as well as those of finance and the international economy.
Author : Paolo Sylos Labini
Publisher : Edward Elgar Publishing
Page : 264 pages
File Size : 45,5 Mb
Release : 1993
Category : Business cycles
ISBN : STANFORD:36105005149401
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.
Author : Solomos Solomou
Publisher : Manchester University Press
Page : 150 pages
File Size : 44,6 Mb
Release : 1998
Category : Business cycles
ISBN : 0719041511
The ups and downs of booms and slumps, often referred to as business cycles, are features of all modern economies. This book considers business cycles over three epochs 1870-1913, 1919-1938 and the post-World War II period. It provides an analysis of the key macroeconomic questions relating to economic fluctuations. Why are the ups and down more volatile in some epochs than others? Why are some business cycle shocks more persistent in their effects? Is there an international business cycle? Can present business cycle features predict future patterns? What impact will institutional changes, such as EMU have on future fluctuations?
Author : Ms.Valerie Cerra,A. Fatas,Ms.Sweta Chaman Saxena
Publisher : International Monetary Fund
Page : 50 pages
File Size : 41,9 Mb
Release : 2020-05-29
Category : Business & Economics
ISBN : 9781513536996
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.
Author : A. W. Mullineux
Publisher : Unknown
Page : 184 pages
File Size : 46,8 Mb
Release : 1990
Category : Business & Economics
ISBN : STANFORD:36105000177167
Author : Mr.Pau Rabanal,Mr.Jordi Gali Garreta
Publisher : International Monetary Fund
Page : 68 pages
File Size : 50,5 Mb
Release : 2004-12-01
Category : Business & Economics
ISBN : 9781451875652
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.
Author : Kazuo Mino,Tadashi Yagi
Publisher : Springer Nature
Page : 184 pages
File Size : 54,7 Mb
Release : 2022-09-06
Category : Business & Economics
ISBN : 9789811593055
Based on a three-year joint research project, this book collects studies on the cultural basis of economic growth in India. Unlike the foregoing investigations on India’s economic growth from the economic perspectives, this book presents interdisciplinary discussions on India’s economic growth. The participants in this project consist of a cultural anthropologist who is an expert in the social and historical study on India as well as a group of researchers specializing in various fields of economics such as growth theory, public finance, income distribution, family economics, and economics of education. Our joint research yields new insights on India’s economic growth and social change. In addition, this book presents new findings of happiness in India obtained by our large-scale survey.
Author : Robert J. Barro,Xavier I. Sala-I-Martin
Publisher : MIT Press
Page : 676 pages
File Size : 42,8 Mb
Release : 2003-10-10
Category : Business & Economics
ISBN : 0262025531
The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000.