Hysteresis And Business Cycles
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Author |
: Ms.Valerie Cerra |
Publisher |
: International Monetary Fund |
Total Pages |
: 50 |
Release |
: 2020-05-29 |
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.
Author |
: A. W. Mullineux |
Publisher |
: Bookboon |
Total Pages |
: 146 |
Release |
: 1990 |
ISBN-10 |
: 9788776818852 |
ISBN-13 |
: 8776818853 |
Rating |
: 4/5 (52 Downloads) |
Synopsis Business Cycles and Financial Crises by : A. W. Mullineux
Author |
: Solomos Solomou |
Publisher |
: Manchester University Press |
Total Pages |
: 150 |
Release |
: 1998 |
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?
Author |
: F. A. Hayek |
Publisher |
: University of Chicago Press |
Total Pages |
: 303 |
Release |
: 2012-01-27 |
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.
Author |
: Dmitry Plotnikov |
Publisher |
: International Monetary Fund |
Total Pages |
: 37 |
Release |
: 2014-05-06 |
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.
Author |
: Wesley Clair Mitchell |
Publisher |
: |
Total Pages |
: 524 |
Release |
: 1927 |
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.
Author |
: Arthur Barto Adams |
Publisher |
: |
Total Pages |
: 302 |
Release |
: 1925 |
ISBN-10 |
: UOM:39015020487123 |
ISBN-13 |
: |
Rating |
: 4/5 (23 Downloads) |
Synopsis Economics of Business Cycles by : Arthur Barto Adams
Author |
: Wesley Clair Mitchell |
Publisher |
: |
Total Pages |
: 642 |
Release |
: 1913 |
ISBN-10 |
: STANFORD:36105004970724 |
ISBN-13 |
: |
Rating |
: 4/5 (24 Downloads) |
Synopsis Business Cycles by : Wesley Clair Mitchell
Author |
: |
Publisher |
: |
Total Pages |
: 409 |
Release |
: 1986 |
ISBN-10 |
: 0262560372 |
ISBN-13 |
: 9780262560375 |
Rating |
: 4/5 (72 Downloads) |
Synopsis NBER Macroeconomics Annual 1986 by :
Author |
: Victor Zarnowitz |
Publisher |
: University of Chicago Press |
Total Pages |
: 613 |
Release |
: 2007-11-01 |
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.