Real Business Cycle Models In Economics

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Real Business Cycle Models in Economics

Warren Young
Real Business Cycle Models in Economics Book PDF

Author : Warren Young
Publisher : Routledge
Page : 240 pages
File Size : 49,7 Mb
Release : 2014-01-10
Category : Business & Economics
ISBN : 9781317934035

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Real Business Cycle Models in Economics by Warren Young Pdf

The purpose of this book is to describe the intellectual process by which Real Business Cycle models were developed. The approach taken focuses on the core elements in the development of RBC models: (i) building blocks, (ii) catalysts, and (iii) meta-syntheses. This is done by detailed examination of all available unpublished variorum drafts of the key papers in the RBC story, so as to determine the origins of the ideas. The analysis of the process their discovery is then set out followed by explanations of the evolution and dissemination of the models, from first generation papers through full blown research programs. This is supplemented by interviews and correspondence with the individuals who were at the center of the development of RBC models, such as Kydland, Prescott, Long, Plosser, King, Lucas and Barro, among others. This book gets stright to the heart of the debates surrounding RBC models and as such contributes to a real assessment of their impact on modern macroeconomics. The volume, therefore, will interest all scholars looking at macroeconomics as well as historians of economic thought more generally.

Real Business Cycles

James Hartley,Kevin Hoover,Kevin D. Salyer
Real Business Cycles Book PDF

Author : James Hartley,Kevin Hoover,Kevin D. Salyer
Publisher : Routledge
Page : 684 pages
File Size : 53,7 Mb
Release : 2013-07-04
Category : Business & Economics
ISBN : 9781134694792

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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.

Real Business Cycles

James Hartley,Kevin Hoover,Kevin D. Salyer
Real Business Cycles Book PDF

Author : James Hartley,Kevin Hoover,Kevin D. Salyer
Publisher : Routledge
Page : 690 pages
File Size : 40,6 Mb
Release : 2013-07-04
Category : Business & Economics
ISBN : 9781134694785

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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.

Modern Business Cycle Theory

Robert J. Barro
Modern Business Cycle Theory Book PDF

Author : Robert J. Barro
Publisher : Unknown
Page : 358 pages
File Size : 41,8 Mb
Release : 1989
Category : Business & Economics
ISBN : UOM:39015014556875

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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.

Real Business Cycle Theory

Fouad Sabry
Real Business Cycle Theory Book PDF

Author : Fouad Sabry
Publisher : One Billion Knowledgeable
Page : 318 pages
File Size : 54,9 Mb
Release : 2024-04-15
Category : Business & Economics
ISBN : PKEY:6610000550210

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Real Business Cycle Theory by Fouad Sabry Pdf

What is Real Business Cycle Theory Real business-cycle theory is a class of new classical macroeconomics models in which business-cycle fluctuations are accounted for by real shocks. Unlike other leading theories of the business cycle, RBC theory sees business cycle fluctuations as the efficient response to exogenous changes in the real economic environment. That is, the level of national output necessarily maximizes expected utility, and governments should therefore concentrate on long-run structural policy changes and not intervene through discretionary fiscal or monetary policy designed to actively smooth out economic short-term fluctuations. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Real business-cycle theory Chapter 2: Keynesian economics Chapter 3: Macroeconomics Chapter 4: Recession Chapter 5: New Keynesian economics Chapter 6: Real versus nominal value (economics) Chapter 7: Business cycle Chapter 8: Aggregate demand Chapter 9: Procyclical and countercyclical variables Chapter 10: Robert Hall (economist) Chapter 11: Economic stability Chapter 12: Dynamic stochastic general equilibrium Chapter 13: Neoclassical synthesis Chapter 14: New classical macroeconomics Chapter 15: Great Moderation Chapter 16: Demand-led growth Chapter 17: Stock market cycle Chapter 18: History of macroeconomic thought Chapter 19: Welfare cost of business cycles Chapter 20: Regression analysis Chapter 21: Economic recession in Iran (II) Answering the public top questions about real business cycle theory. (III) Real world examples for the usage of real business cycle theory in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Real Business Cycle Theory.

Frontiers of Business Cycle Research

Thomas F. Cooley
Frontiers of Business Cycle Research Book PDF

Author : Thomas F. Cooley
Publisher : Princeton University Press
Page : 452 pages
File Size : 47,9 Mb
Release : 1995-02-26
Category : Business & Economics
ISBN : 069104323X

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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

Growth and Business Cycles with Equilibrium Indeterminacy

Kazuo Mino
Growth and Business Cycles with Equilibrium Indeterminacy Book PDF

Author : Kazuo Mino
Publisher : Springer
Page : 230 pages
File Size : 53,5 Mb
Release : 2017-07-11
Category : Business & Economics
ISBN : 9784431556091

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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.

Technology Shocks and Aggregate Fluctuations

Mr.Pau Rabanal,Mr.Jordi Gali Garreta
Technology Shocks and Aggregate Fluctuations Book PDF

Author : Mr.Pau Rabanal,Mr.Jordi Gali Garreta
Publisher : International Monetary Fund
Page : 68 pages
File Size : 40,8 Mb
Release : 2004-12-01
Category : Business & Economics
ISBN : 9781451875652

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Technology Shocks and Aggregate Fluctuations by Mr.Pau Rabanal,Mr.Jordi Gali Garreta Pdf

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.

Frontiers of Business Cycle Research

Thomas F. Cooley
Frontiers of Business Cycle Research Book PDF

Author : Thomas F. Cooley
Publisher : Princeton University Press
Page : 442 pages
File Size : 49,9 Mb
Release : 2020-09-01
Category : Business & Economics
ISBN : 9780691218052

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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.

The Business Cycle: Theories and Evidence

M.T. Belongia,Michelle R. Garfinkel
The Business Cycle Theories and Evidence Book PDF

Author : M.T. Belongia,Michelle R. Garfinkel
Publisher : Springer Science & Business Media
Page : 248 pages
File Size : 50,7 Mb
Release : 1992-10-31
Category : Business & Economics
ISBN : 0792392396

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The Business Cycle: Theories and Evidence by M.T. Belongia,Michelle R. Garfinkel Pdf

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.

Business Cycle Models with Indeterminacy

Mark Weder
Business Cycle Models with Indeterminacy Book PDF

Author : Mark Weder
Publisher : Springer Science & Business Media
Page : 186 pages
File Size : 50,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642470189

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Business Cycle Models with Indeterminacy by Mark Weder Pdf

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.

What Prevents a Real Business Cycle Model from Matching the U.S. Data? Decomposing the Labor Wedge

Dmitry Plotnikov
What Prevents a Real Business Cycle Model from Matching the U S Data Decomposing the Labor Wedge Book PDF

Author : Dmitry Plotnikov
Publisher : International Monetary Fund
Page : 35 pages
File Size : 40,7 Mb
Release : 2017-09-08
Category : Business & Economics
ISBN : 9781484318584

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What Prevents a Real Business Cycle Model from Matching the U.S. Data? Decomposing the Labor Wedge by Dmitry Plotnikov Pdf

I carry out a business cycle accounting exercise (Chari, Kehoe and McGrattan, 2007) on the U.S. data measured in wage units (Farmer (2010)) for the entire postwar period. In contrast to a conventional approach, this approach preserves common medium-term business cycle fluctuations in GDP, its components and the unemployment rate. Additionally, it facilitates decomposition of the labor wedge into the labor supply and the labor demand wedges. Using this business cycle accounting methodology, I find that in the transformed data, most movements in GDP are accounted for by the labor supply wedge. Therefore, I reverse a key finding of the real business cycle literature which asserts that 70% or more of economic fluctuations can be explained by TFP shocks. In other words, the real business cycle model fits the data badly because the assumption that households are on their labor supply equation is flawed. This failure is masked by data that has been filtered with a conventional approach that removes fluctuations at medium frequencies. My findings are consistent with the literature on incomplete labor markets.

Business Cycles

Sumru G. Altug
Business Cycles Book PDF

Author : Sumru G. Altug
Publisher : World Scientific
Page : 161 pages
File Size : 49,5 Mb
Release : 2010
Category : Business & Economics
ISBN : 9789812832788

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Business Cycles by Sumru G. Altug Pdf

This title provides an overview of the modern theory and empirics of business cycles. The book examines the notion of a business cycle and discusses alternative approaches to modelling. It also discusses what lies ahead for modern business cycle theory.

Econometric Business Cycle Research

Jan Jacobs
Econometric Business Cycle Research Book PDF

Author : Jan Jacobs
Publisher : Springer Science & Business Media
Page : 237 pages
File Size : 53,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461555919

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Econometric Business Cycle Research by Jan Jacobs Pdf

Econometric Business Cycle Research deals with econometric business cycle research (EBCR), a term introduced by the Nobel-laureate Jan Tinbergen for his econometric method of testing (economic) business cycle theories. EBCR combines economic theory and measurement in the study of business cycles, i.e., ups and downs in overall economic activity. We assess four methods of EBCR: business cycle indicators, simultaneous equations models, vector autoregressive systems and real business indicators. After a sketch of the history of the methods, we investigate whether the methods meet the goals of EBCR: the three traditional ones, description, forecasting and policy evaluation, and the one Tinbergen introduced, the implementation|testing of business cycles. The first three EBCR methods are illustrated for the Netherlands, a typical example of a small, open economy. The main conclusion of the book is that simultaneous equation models are the best vehicle for EBCR, if all its goals are to be attained simultaneously. This conclusion is based on a fairly detailed assessment of the methods and is not over-turned in the empirical illustrations. The main conclusion does not imply the end of other EBCR methods. Not all goals have to be met with a single vehicle, other methods might serve the purpose equally well - or even better. For example, if one is interested in business cycle forecasts, one might prefer a business cycle indicator or vector autoregressive system. A second conclusion is that many ideas/concepts that play an important role in current discussions about econometric methodology in general and EBCR in particular, were put forward in the 1930s and 1940s. A third conclusion is that it is difficult, if not impossible, to compare the outcomes of RBC models to outcomes of the other three methods, because RBC modellers are not interested in modelling business cycles on an observation-per-observation basis. A more general conclusion in this respect is that methods should adopt the same concept of business cycles to make them comparable.

Hysteresis and Business Cycles

Ms.Valerie Cerra,A. Fatas,Ms.Sweta Chaman Saxena
Hysteresis and Business Cycles Book PDF

Author : Ms.Valerie Cerra,A. Fatas,Ms.Sweta Chaman Saxena
Publisher : International Monetary Fund
Page : 50 pages
File Size : 54,8 Mb
Release : 2020-05-29
Category : Business & Economics
ISBN : 9781513536996

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Hysteresis and Business Cycles by Ms.Valerie Cerra,A. Fatas,Ms.Sweta Chaman Saxena Pdf

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.