Real Business Cycle Theory

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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 : 54,8 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.

Modern Business Cycle Theory

Robert J. Barro
Modern Business Cycle Theory Book PDF

Author : Robert J. Barro
Publisher : Unknown
Page : 358 pages
File Size : 52,8 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.

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 : 47,5 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

Money, Banking, and the Business Cycle

Brian P. Simpson
Money Banking and the Business Cycle Book PDF

Author : Brian P. Simpson
Publisher : Springer
Page : 509 pages
File Size : 43,7 Mb
Release : 2015-12-11
Category : Computers
ISBN : 9781137331496

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Money, Banking, and the Business Cycle by Brian P. Simpson Pdf

Money, Banking, and the Business Cycle provides a comprehensive framework for analyzing these mechanisms, and offers a robust prescription for reducing financial instability over the long-term. Volume I bridges tough economic theory with empirical evidence.

Business Cycle Theory

Günter Gabisch,Hans-Walter Lorenz
Business Cycle Theory Book PDF

Author : Günter Gabisch,Hans-Walter Lorenz
Publisher : Springer Science & Business Media
Page : 240 pages
File Size : 50,9 Mb
Release : 2013-04-17
Category : Business & Economics
ISBN : 9783662011782

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Business Cycle Theory by Günter Gabisch,Hans-Walter Lorenz Pdf

"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 Sixties 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 West,ern 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 become 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 anti-cyclic demand policies. From the 1950's until the mid-Sixties 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 sensitive dependence on parameter values (in order to be called busi ness cycle models) suggested a rather improbable occurrence of continuing oscillations. The obvious success in compensating business cycles in those days prevented intensive concern with the occurrence of cycles. Rather, business cycle theory turned into sta bilization theory which investigated theoretical possibilities of stabilizing a fluctuating economy. Many macroeconomic textbooks appeared in the Sixties which consequently identified business cycle theory with inquiries on the possibilities to stabilize economies 2 Introduction by means of active fiscal or monetary policies.

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 : 44,6 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.

Critique of the New Consensus Macroeconomics and Implications for India

Dilip M. Nachane
Critique of the New Consensus Macroeconomics and Implications for India Book PDF

Author : Dilip M. Nachane
Publisher : Springer
Page : 407 pages
File Size : 44,5 Mb
Release : 2018-11-02
Category : Business & Economics
ISBN : 9788132239208

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Critique of the New Consensus Macroeconomics and Implications for India by Dilip M. Nachane Pdf

The thought-provoking book presents alternative viewpoints to mainstream macroeconomic theory, questions conventional policy wisdom and suggests a systematic re-orientation of current macroeconomic and financial regulatory policies in India. The New Consensus Macroeconomics (NCM), which established itself in the 1980s as mainstream macroeconomics, essentially represents an “uneasy truce” between two dominant schools of economic thought viz. New Classical and Neo-Keynesian economics. The NCM sets the tone for much of the macroeconomic (especially monetary) policy followed by the advanced economies in the period of the Great Moderation (1990–2005). The recent global crisis has posed a major challenge to the NCM as empirical models based on the NCM failed to anticipate the occurrence of the crisis and later its extent and severity. The above considerations constitute the underpinnings of this book, which addresses the theoretical controversies within a general context and their policy implications for India. The authors’ analysis leads to a somewhat critical assessment of the financial sector policies followed in India since the initiation of reforms in 1991. This makes the book a valuable resource not only for researchers working in this area, but also for policy makers.

Real Business Cycle Theory

Fouad Sabry
Real Business Cycle Theory Book PDF

Author : Fouad Sabry
Publisher : One Billion Knowledgeable
Page : 318 pages
File Size : 41,6 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.

Business Cycle Theory

Finn E. Kydland
Business Cycle Theory Book PDF

Author : Finn E. Kydland
Publisher : Edward Elgar Publishing
Page : 556 pages
File Size : 48,6 Mb
Release : 1995
Category : Business & Economics
ISBN : UFL:31262054238299

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Business Cycle Theory by Finn E. Kydland Pdf

This volume is a collection of key articles on modern business cycle theory. Fundamental to business cycle theory is the estimation of the role played by different impulses or shocks for aggregate fluctuations, and identifying the mechanisms by which these impulses propagate over time to create the cycles we observe. Business Cycles Theory is divided into three parts. Part I deals with issues of measurement and methodology and describes empirical business cycle regularities. Parts II and III centre around the study of real and nominal shocks and impulses.

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 : 54,7 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.

Business Cycles

Victor Zarnowitz
Business Cycles Book PDF

Author : Victor Zarnowitz
Publisher : University of Chicago Press
Page : 613 pages
File Size : 41,9 Mb
Release : 2007-11-01
Category : Business & Economics
ISBN : 9780226978925

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Business Cycles by Victor Zarnowitz Pdf

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.

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 : 49,8 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.

Business Cycle Theory

Lutz G. Arnold
Business Cycle Theory Book PDF

Author : Lutz G. Arnold
Publisher : Oxford University Press on Demand
Page : 165 pages
File Size : 47,6 Mb
Release : 2002
Category : Business & Economics
ISBN : 0199256829

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Business Cycle Theory by Lutz G. Arnold Pdf

Business cycle theory is a broad and disparate field. Different schools of thought offer alternative explanations for cycles, often using different mathematical methods. This book provides academics and graduate students of economics with a compact and accessible exposition of business cycle theory since Keynes. The author places the main theories -- Keynesian economics, monetarism, new classical economics, the real business cycles theory, and new Keynesian economics -- in an historical context by presenting them in the chronological order of their appearance and highlighting their differences and commonalities. He minimizes the necessary mathematical prerequisites by using a unifying mathematical approach: stochastic second-order difference equations, which is explained in detail. Throughout the book, the international dimension of business cycles is acknowledged. The theoretical results obtained are set alongside empirical facts in separate boxes. Each chapter finishes with a set of problems designed to deepen the reader's understanding of the theories presented, and further reading sections which provide access to related material.

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 : 209 pages
File Size : 48,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789401129565

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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 Theory

Günter Gabisch,Hans-Walter Lorenz
Business Cycle Theory Book PDF

Author : Günter Gabisch,Hans-Walter Lorenz
Publisher : Springer Science & Business Media
Page : 256 pages
File Size : 43,8 Mb
Release : 2013-03-09
Category : Business & Economics
ISBN : 9783642747151

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Business Cycle Theory by Günter Gabisch,Hans-Walter Lorenz Pdf

"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.