Hysteresis and Business Cycles

Hysteresis and Business Cycles
Author :
Publisher : International Monetary Fund
Total Pages : 50
Release :
ISBN-10 : 9781513536996
ISBN-13 : 1513536990
Rating : 4/5 (96 Downloads)

Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra

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 Cycles and Financial Crises

Business Cycles and Financial Crises
Author :
Publisher : Bookboon
Total Pages : 146
Release :
ISBN-10 : 9788776818852
ISBN-13 : 8776818853
Rating : 4/5 (52 Downloads)

Synopsis Business Cycles and Financial Crises by : A. W. Mullineux

Economic Cycles

Economic Cycles
Author :
Publisher : Manchester University Press
Total Pages : 150
Release :
ISBN-10 : 0719041511
ISBN-13 : 9780719041518
Rating : 4/5 (11 Downloads)

Synopsis Economic Cycles by : Solomos Solomou

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?

Business Cycles, Part I

Business Cycles, Part I
Author :
Publisher : University of Chicago Press
Total Pages : 303
Release :
ISBN-10 : 9780226320465
ISBN-13 : 0226320464
Rating : 4/5 (65 Downloads)

Synopsis Business Cycles, Part I by : F. A. Hayek

“The two Business Cycles volumes bring together” the Nobel Laureate economist’s “most substantial contributions to technical economics” (Roger W. Garrison, Auburn University). In the years following its publication, F. A. Hayek’s pioneering work on business cycles was regarded as an important challenge to what was later known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek’s thoughts on the repercussions of excessive central bank interventions. The latest editions in the University of Chicago Press’s ongoing series The Collected Works of F. A. Hayek, these volumes bring together Hayek’s work on what causes periods of boom and bust in the economy. Moving away from the classical emphasis on equilibrium, Hayek demonstrates that business cycles are generated by the adaptation of the structure of production to changes in relative demand. Thus, when central banks artificially lower interest rates, the result is a misallocation of capital and the creation of asset bubbles and additional instability. Business Cycles, Part I contains Hayek’s two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Reproducing the text of the original 1933 translation of the former, this edition also draws on the original German, as well as more recent translations. For Prices and Production, a variorum edition is presented, incorporating the 1931 first edition and its 1935 revision. Business Cycles, Part II assembles a series of Hayek’s shorter papers on the topic. The two volumes of Business Cycles also include extensive introductions by Hansjoerg Klausinger, providing background on the evolution of Hayek’s thought.

Hysteresis in Unemployment and Jobless Recoveries

Hysteresis in Unemployment and Jobless Recoveries
Author :
Publisher : International Monetary Fund
Total Pages : 37
Release :
ISBN-10 : 9781484372579
ISBN-13 : 1484372573
Rating : 4/5 (79 Downloads)

Synopsis Hysteresis in Unemployment and Jobless Recoveries by : Dmitry Plotnikov

This paper develops and estimates a general equilibrium rational expectations model with search and multiple equilibria where aggregate shocks have a permanent effect on the unemployment rate. If agents' wealth decreases, the unemployment rate increases for a potentially indefinite period. This makes unemployment rate dynamics path dependent as in Blanchard and Summers (1987). I argue that this feature explains the persistence of the unemployment rate in the U.S. after the Great Recession and over the entire postwar period.

Business Cycles

Business Cycles
Author :
Publisher :
Total Pages : 524
Release :
ISBN-10 : UCAL:$B470774
ISBN-13 :
Rating : 4/5 (74 Downloads)

Synopsis Business Cycles by : Wesley Clair Mitchell

"First printing, July, 1927.""A rewriting, based on new and fuller statistical material, of his book on 'Business cycles, ' published in 1913"--Foreword.

Economics of Business Cycles

Economics of Business Cycles
Author :
Publisher :
Total Pages : 302
Release :
ISBN-10 : UOM:39015020487123
ISBN-13 :
Rating : 4/5 (23 Downloads)

Synopsis Economics of Business Cycles by : Arthur Barto Adams

Business Cycles

Business Cycles
Author :
Publisher :
Total Pages : 642
Release :
ISBN-10 : STANFORD:36105004970724
ISBN-13 :
Rating : 4/5 (24 Downloads)

Synopsis Business Cycles by : Wesley Clair Mitchell

Business Cycles

Business Cycles
Author :
Publisher : University of Chicago Press
Total Pages : 613
Release :
ISBN-10 : 9780226978925
ISBN-13 : 0226978923
Rating : 4/5 (25 Downloads)

Synopsis Business Cycles by : Victor Zarnowitz

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.