Business Cycle Dynamics And Stabilization Policies

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Business Cycle Dynamics And Stabilization Policies

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Author : Hajime Hori
language : en
Publisher: Springer
Release Date : 2017-05-09

Business Cycle Dynamics And Stabilization Policies written by Hajime Hori and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-09 with Business & Economics categories.

This monograph is devoted to the analysis of the dynamics of business cycles and stabilization policies. The analysis is conducted in models of the AS-AD type, focusing on involuntary unemployment and capital accumulation. Major conclusions are the following. (1) Sectoral imbalances, once emphasized by such business-cycle theorists as K. Marx, A. Spiethoff, and F.A. Hayek, are rectified in finite time by competitive investment allocation, leaving aggregate variables as the main variables of business cycle dynamics. (2) The chronology of events during a cycle is established, which resolves the so-called real wage puzzle. (3) Owing to the crowding-out effect on investment, fiscal stabilization policies can destabilize the business cycle dynamics if implemented too intensively. (4) If coordinated properly, monetary stabilization policies can remove the destabilizing tendency of fiscal stabilization policies.

Hysteresis And Business Cycles

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Author : Ms.Valerie Cerra
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29

Hysteresis And Business Cycles written by Ms.Valerie Cerra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.

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.

The Business Cycle And Public Policy 1929 80

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Author :
language : en
Publisher:
Release Date : 1980

The Business Cycle And Public Policy 1929 80 written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1980 with Business cycles categories.

Financial Dynamics And Business Cycles

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Author : Willi Semmler
language : en
Publisher: Routledge
Release Date : 2019-08-08

Financial Dynamics And Business Cycles written by Willi Semmler and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-08 with Business & Economics categories.

As the 55th anniversary of the bank holiday of March 1933 approached, financial instability was a main topic in the financial press. Daily reports appeared of international debt crises, of the covert bankruptcy of deposit insurance, and of the near bankruptcy of one great financial institution after another. The great stock market crash of October 19 and 20, 1987, demonstrated that extreme instability can happen. It is generally asserted that the consequences of October 19th and 20th would have been disastrous if the Federal Reserve and Treasury interventions had not set things right. In 1933, financial markets in the United States and throughout the capitalist world collapsed. In the light of historical experience, the past 55 years are the anomaly. The papers collected in this volume come from various backgrounds and research paradigms. A common theme runs through these papers that makes the collection both interesting and important: The authors take seriously the obvious evidence that capitalist economies progress through time by lurching. Whether a particular study starts from household utility maximization or from the processes by which productive structures are reproduced and expanded, the authors are united in accepting the evidence that financial instability is a significant characteristic of modern capitalism.

Business Cycles And Macroeconomic Stability

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Author : Jean-Olivier Hairault
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Business Cycles And Macroeconomic Stability written by Jean-Olivier Hairault and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

Setting the issue "Most economists consider the marked increase in automatic stabilizers a highly favorable development with respect to maintenance of economic stability". Besides the rare privilege of having being signed by both Milton Friedman and Paul Samuelson (Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among others, this sentence expressed as soon as 1950 the consensus view on the stabilizing effect of fiscal rules governing tax revenue and public expendi tures and transfers. This positive ex ante assessment will have been confirmed ex post as part of the explanation for post war stabilization (Burns [1960], de Long and Summers [1986], Moore and Zarnovitz [1986]). However, it becomes disputed in both its positive and normative aspects. Many institutional changes since the eighties point at curbing back the transfer mechanisms underlying automatic stabilizers, and legal restraints on deficits such as the US balanced budget amendment or the European Maastricht criteria would involve serious risks for the future of stabilizers. Under such rules "the government would become, almost inevitally, a destabilizer rather than a stabilizer" said Joseph Stiglitz, quoted by the New York Times (April 1995)). "Built-in stabilizers are automatic fiscal adjustments that reduce the national income multiplier and thus cushion the effects of changes in autonomous spend ing on the level of income" (Pechman [1987]). Early analyses of the automatic fiscal stabilizers include the contributions of A. G. Hart [1945], R. Musgrave and M. Miller (1948) and E. C. Brown (1955).

Business Cycles Theory And Empirical Methods

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Author : Willi Semmler
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Business Cycles Theory And Empirical Methods written by Willi Semmler and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

In macrodynamics and business cycle analysis we find nowadays a variety of approaches elaborating frameworks for studying the fluctuations in economic and financial data. These approaches are viewed from Keynesian, monetarist and rational expectations standpoints. There are now also numerous empirical methods for the testing of nonlinear data generating mechanisms. This volume brings together a selection of contributions on theories of the business cycle and new empirical methods and synopsizes the new results. The volume (i) gives an overview of current models and modern concepts and tools for analyzing the business cycle; (ii) demonstrates, where possible, the relation of those models to the history of business cycle analysis; and (iii) presents current work, surveys and original work, on new empirical methods of studying cycle generating mechanisms.

Macroeconomic Theory And Stabilization Policy

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Author : Willem H. Buiter
language : en
Publisher: Manchester University Press
Release Date : 1989

Macroeconomic Theory And Stabilization Policy written by Willem H. Buiter and has been published by Manchester University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.

Real Business Cycle Models In Economics

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Author : Warren Young
language : en
Publisher: Routledge
Release Date : 2014-01-10

Real Business Cycle Models In Economics written by Warren Young and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-10 with Business & Economics categories.

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.

Policy Analysis

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Author : David L. Weimer
language : en
Publisher: Taylor & Francis
Release Date : 2025-06-18

Policy Analysis written by David L. Weimer and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-06-18 with Political Science categories.

Often described as a public policy "bible," Weimer and Vining remains the essential primer it ever was. Now in a thoroughly revised seventh edition, Policy Analysis provides a strong conceptual foundation of the rationales for and the limitations to public policy. It offers practical advice about how to do policy analysis, and goes a bit deeper to demonstrate the application of advanced analytical techniques through the use of case studies. Updates to this edition include: An all-new introductory case on corporate taxation; Consideration of addiction as a rationale for public policy; Discussion of public policy issues related to platforms and intermediation, especially to digital service delivery; Updated discussion of information gathering from the perspectives of internal and external validity; An updated British Columbia salmon fishery case. The textbook is supported by online materials for instructors, including suggestions for and examples of course policy projects, a project assessment template, sample instructions to students for preparing policy reports, as well as discussion questions and answers for each chapter. Cases that have been removed from the seventh edition remain available on the book’s webpage. Policy Analysis: Concepts and Practices remains a comprehensive, serious, and rich introduction to policy analysis for students in public policy, public administration, and business programs.

Real Business Cycles

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Author : James Hartley
language : en
Publisher: Routledge
Release Date : 2013-07-04

Real Business Cycles written by James Hartley and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-04 with Business & Economics categories.

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.