Wages Regime Switching And Cycles

Author : Piero Ferri,Edward Greenberg
Publisher : Springer Science & Business Media
Page : 172 pages
File Size : 46,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642772412

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Wages, Regime Switching, and Cycles by Piero Ferri,Edward Greenberg Pdf

The initial purposes of this book were to update and extend the discussion and the results presented ill our previous book, The Labor Market and Business Cycle Theories. Our 1990 article, which appeared in The Journal of Economic Behavior and Organization, represented a first step in this direction. The consequences of this effort have materialized in a number of new chapters that has led de facto to a new book, in which the surviving parts have been largely revised. The 1989 book was too mathematically oriented for many Keynesians and post Keynesians to be fully appreciated and insufficiently microfounded for both new classicals and new-Keynesians to be warmly accepted, yet we received positive and encouraging comments, and it was sold out very quickly. It was an attempt to dis cuss dynamics in Keynesian terms, based on a double assumption that maintains its validity-that both economic facts and analytical and methodological innova tions had contributed to a renewed interest in business cycles, which over time has had its "ups and downs." Since then, many more articles and books have appeared, stressing in particular the role of microfoundations and of nonlinearities in shaping business cycle theory.

Author : Neri Salvadori,Carlo Panico
Publisher : Edward Elgar Publishing
Page : 360 pages
File Size : 52,5 Mb
Release : 2006-01-27
Category : Business & Economics
ISBN : 1781008086

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Classical, Neoclassical and Keynesian Views on Growth and Distribution by Neri Salvadori,Carlo Panico Pdf

This book reconsiders and analyses the different approaches historically proposed in the literature on growth and distribution. The contributors have achieved, through a comprehensive and cohesive analysis of the approaches of different schools of thought, a wide-ranging interpretation of a variety of important economic phenomena. The book identifies elements characterising each approach and tries to derive from them a range of insights into the complexity of the growth process.

Author : Annalisa Cristini,Stephen Fazzari,Edward Greenberg,Riccardo Leoni
Publisher : Routledge
Page : 261 pages
File Size : 45,7 Mb
Release : 2014-11-13
Category : Business & Economics
ISBN : 9781317751137

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Cycles, Growth and the Great Recession by Annalisa Cristini,Stephen Fazzari,Edward Greenberg,Riccardo Leoni Pdf

Cycles, Growth and the Great Recession is a collection of papers that assess the nature and role of the business cycle in contemporary economies. These assessments are made in the context of the financial market instability that distinguishes the Great Recession from previous post-war slowdowns. Theorists and applied scholars in the fields of economics and mathematical economics discuss various approaches to understanding cycles and growth, and present mathematical and applied macro models to show how uncertainty shapes cycles by affecting the economic agent choice. Also included is an empirical section that investigates how the Great Recession affected households’ housing wealth, labour productivity and migration decisions. This book aims to: Propose a novel understanding of the business cycle by comparing the approaches of various scholars, starting from Hyman Minsky and Piero Ferri. Show that uncertainty is a main feature of the business cycle that affects decision-making and economic behaviour in general. Explain with mathematical models how the behaviour of economic agents can lead to cyclical paths for modern developed economies. Augment theory with empirical analysis of some central issues related to the Great Recession. This book comprises an original view of such widely discussed subjects as business cycles, uncertainty, economic growth and the Great Recession, constructed around theory, models and applications.

Author : Riccardo Bellofiore,Piero Ferri
Publisher : Edward Elgar Publishing
Page : 223 pages
File Size : 43,7 Mb
Release : 2001-01-01
Category : Business & Economics
ISBN : 9781781009758

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Financial Fragility and Investment in the Capitalist Economy by Riccardo Bellofiore,Piero Ferri Pdf

Hyman Minsky is renowned for his theoretical and empirical investigation of the capitalist economy. In this book, a distinguished group of contributors provides an authoritative account of his contribution to the analysis of capitalism and, more particularly, to the fields of monetary and post Keynesian economics. The authors first provide an introduction to Hyman Minsky's economic legacy before going on to discuss his role in analysing the macroeconomy, monetary policy and instability. In detail, they consider the structural instability of a sophisticated market economy, the NAIRU, Minsky's financial fragility hypothesis, his business cycle theory, his investment theory and debt inflation.

Author : Piero Ferri
Publisher : Edward Elgar Publishing
Page : 264 pages
File Size : 48,5 Mb
Release : 2019
Category : BUSINESS & ECONOMICS
ISBN : 9781788973731

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Minsky’s Moment by Piero Ferri Pdf

At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.

Author : Piero Ferri,Edward Greenberg
Publisher : Springer Science & Business Media
Page : 197 pages
File Size : 45,8 Mb
Release : 2012-12-06
Category : Political Science
ISBN : 9783662008317

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The Labor Market and Business Cycle Theories by Piero Ferri,Edward Greenberg Pdf

Interest in business cycles has had its 'ups and downs'. After a period of almost steady state growth and of economic tranquility, when the business cycle seemed to be obsolete, the turbulence of the 70s and 80s has contributedto a renewed interest in the topic. Important analytical and methodological innovations have also favored the present abundance of contributions. Four innovations are of particular importance: i. microfoundations ii. nonlinearities iii. stochastic variables iv. real aspects. Both Classical macroeconomics and new-Keynesian approaches seem to share these characteristics, which apply both to endogenous and exogenous explanations of the cycle. The distance separating the newer literature from its forebears seems vast. Previously, cycle theory was characterized by a macro approach and utilized nonlinearities either through piecewise 'linear models or with the aid of Classical theorems in the field of dynamic systems. To consider and to compare the old and the new literature on business cycles is one of the goals of this book. To narrow the distance separating them is another goal of this research. We do not try to bridge it, but rather to revisit the former tradition with new tools. Finally, a particular emphasis is put on the 'ceilings and floors' type of literature. One of us has written a D. Phil. thesis with Sir John Hicks, and both have worked with H. P. Minsky. Hicks, along with Goodwin, introdu. ced the concept of ceilings and floors into business cycle analysis, and Minsky made important contributions to the area.

Author : Roger E. Backhouse,Andrea Salanti
Publisher : OUP Oxford
Page : 317 pages
File Size : 51,8 Mb
Release : 2000-11-23
Category : Business & Economics
ISBN : 9780191584800

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Macroeconomics and the Real World: Volume 2: Keynesian Economics, Unemployment, and Policy by Roger E. Backhouse,Andrea Salanti Pdf

Since the middle of twentieth century, economists have invested great resources into using statistical evidence to relate macroeconomic theories to the real world, and many new econometric techniques have been employed. In these two volumes, a distinguished group of economic theorists, econometricians, and economic methodologists examine how evidence has been used and how it should be used to understand the real world. Volume 1 focuses on the contribution of econometric techniques to understanding the macroeconomic world. It covers the use of evidence to understand the business cycle, the operation of monetary policy, and economic growth. A further section offers assessments of the overall impact of recent econometric techniques such as cointegration and unit roots. Volume 2 focuses on the labour market and economic policy, with sections covering the IS-LM model, the labour market, new Keynesian macroeconomics, and the use of macroeconomics in official documents (in both the USA and EU). These volumes will be valuable to advanced undergraduates, graduate students, and practitioners for their clear presentation of opposing perspectives on macroeconomics and how evidence should be used. The chapters are complemented by discussion sections revealing the perspectives of other contributors on the methodological issues raised.

Author : Edward Greenberg
Publisher : Cambridge University Press
Page : 271 pages
File Size : 54,6 Mb
Release : 2012-11-12
Category : Business & Economics
ISBN : 9781139789332

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Introduction to Bayesian Econometrics by Edward Greenberg Pdf

This textbook explains the basic ideas of subjective probability and shows how subjective probabilities must obey the usual rules of probability to ensure coherency. It defines the likelihood function, prior distributions and posterior distributions. It explains how posterior distributions are the basis for inference and explores their basic properties. Various methods of specifying prior distributions are considered, with special emphasis on subject-matter considerations and exchange ability. The regression model is examined to show how analytical methods may fail in the derivation of marginal posterior distributions. The remainder of the book is concerned with applications of the theory to important models that are used in economics, political science, biostatistics and other applied fields. New to the second edition is a chapter on semiparametric regression and new sections on the ordinal probit, item response, factor analysis, ARCH-GARCH and stochastic volatility models. The new edition also emphasizes the R programming language.

Author : James D. Hamilton,Baldev Raj
Publisher : Springer Science & Business Media
Page : 267 pages
File Size : 41,9 Mb
Release : 2013-06-29
Category : Business & Economics
ISBN : 9783642511820

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Advances in Markov-Switching Models by James D. Hamilton,Baldev Raj Pdf

This book is a collection of state-of-the-art papers on the properties of business cycles and financial analysis. The individual contributions cover new advances in Markov-switching models with applications to business cycle research and finance. The introduction surveys the existing methods and new results of the last decade. Individual chapters study features of the U. S. and European business cycles with particular focus on the role of monetary policy, oil shocks and co movements among key variables. The short-run versus long-run consequences of an economic recession are also discussed. Another area that is featured is an extensive analysis of currency crises and the possibility of bubbles or fads in stock prices. A concluding chapter offers useful new results on testing for this kind of regime-switching behaviour. Overall, the book provides a state-of-the-art over view of new directions in methods and results for estimation and inference based on the use of Markov-switching time-series analysis. A special feature of the book is that it includes an illustration of a wide range of applications based on a common methodology. It is expected that the theme of the book will be of particular interest to the macroeconomics readers as well as econometrics professionals, scholars and graduate students. We wish to express our gratitude to the authors for their strong contributions and the reviewers for their assistance and careful attention to detail in their reports.

Author : Piero Ferri,Edward Greenberg
Publisher : Springer Science & Business Media
Page : 200 pages
File Size : 44,8 Mb
Release : 1989
Category : Business cycles
ISBN : UCAL:B4157793

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The Labor Market and Business Cycle Theories by Piero Ferri,Edward Greenberg Pdf

This book is primarily a critical survey of small-case, theoretical macro models that attempts to analyze the cyclical behavior of modern economies. The authors emphasize the role of the labor market, which is treated very differently in such models. They show how the development of business cycle models owes almost as much to the development of analytic methods as to the economic events that make analysis necessary; this leads to the examination of the changing nature of the mathematical tools that have been used by business cycle theorists. They give examples of how these newer tools can deal with nonlinear models that are capable of generating a richer variety of dynamic outcomes than was possible with linear models. The treatment of these topics does not require a strong background in mathematics and the authors' goal is to call attention to the new methods and provide examples of the results that are possible with them rather than to teach those methods in detail. In addition to the survey material, they describe a regime switching model of their own that is capable of generating cyclical behavior. This model is greatly influenced by its labor market component, in which a nonlinearity is introduced through the device of switching between linear behavioral equations. The model is analyzed analytically and with simulation experiments.

Author : Lionello F Punzo
Publisher : Routledge
Page : 415 pages
File Size : 45,5 Mb
Release : 2003-09-02
Category : Business & Economics
ISBN : 9781134530014

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Cycles, Growth and Structural Change by Lionello F Punzo Pdf

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.

Author : Franco Gori,Lucio Geronazzo,Marcello Galeotti
Publisher : Springer Science & Business Media
Page : 371 pages
File Size : 51,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642580314

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Nonlinear Dynamics in Economics and Social Sciences by Franco Gori,Lucio Geronazzo,Marcello Galeotti Pdf

This volume constitutes the Proceedings of the "Nonlinear Dynamics in Economics and Social Sciences" Meeting held at the Certosa di Pontignano, Siena, on May 27-30, 1991. The Meeting was organized by the National Group "Modelli Nonlineari in Economia e Dinamiche Complesse" of the Italian Ministery of University and SCientific Research, M.U.RS.T. The aim of the Conference, which followed a previous analogous initiative taking place in the very same Certosa, on January 1988*, was the one of offering a come together opportunity to economists interested in a new mathematical approach to the modelling of economical processes, through the use of more advanced analytical techniques, and mathematicians acting in the field of global dynamical systems theory and applications. A basiC underlying idea drove the organizers: the necessity of fOCUSing on the use that recent methods and results, as those commonly referred to the overpopularized label of "Chaotic Dynamics", did find in the social sciences domain; and thus to check their actual relevance in the research program of modelling economic phenomena, in order to individuate and stress promising perspectives, as well as to curb excessive hopes and criticize not infrequent cases where research reduces to mechanical, ad hoc, applications of "a la mode" techniques. In a word we felt the need of looking about the state of the arts in non-linear systems theory applications to economics and social processes: hence the title of the workshop and the volume.

Author : Jan-Egbert Sturm,Timo Wollmershäuser
Publisher : Springer Science & Business Media
Page : 232 pages
File Size : 51,8 Mb
Release : 2006-03-30
Category : Business & Economics
ISBN : 9783790816051

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Ifo Survey Data in Business Cycle and Monetary Policy Analysis by Jan-Egbert Sturm,Timo Wollmershäuser Pdf

A pilot ?ying to a distant city needs to check his position, ?ight path and weather conditions, and must constantly keep his plane under control to land safely.TheIfosurveydataprovideadvanceinformationonchangingeconomic weather conditions and help keep the economy under control. To be sure, by their very nature they only provide short-term information. But like a plane, the economy will not be able to reach its long-term goals if it strays o? course in the short term. The Ifo survey data provide the most comprehensive and accurate, - to-date database in Europe on the state of the business cycle, and the Ifo climate indicator, sometimes simply called “The Ifo”, is the most frequently cited indicator of its kind in Europe. Both the European stock market and theeuroreacttoourindicator.Ifo’smethodologyfordeterminingthebusiness climateindicatorhasbeenexportedtomorethan?ftycountries,mostrecently toTurkeyandChina.TheIfopeoplewereproudtohavebeenaskedtohelpset up polling systems in these countries. It is said that the Chinese government relies more on their “Ifo indicator” than on their o?cial accounting statistics.

Author : Klas Fregert
Publisher : Unknown
Page : 348 pages
File Size : 45,5 Mb
Release : 1994
Category : Collective bargaining
ISBN : UOM:39015041285266

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Wage Contracts, Policy Regimes, and Business Cycles by Klas Fregert Pdf

Author : Anonim
Publisher : Unknown
Page : 222 pages
File Size : 40,5 Mb
Release : 1992
Category : Economics
ISBN : UOM:39015031227708

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Journal of Institutional and Theoretical Economics by Anonim Pdf