Intermediate Goods and Business Cycles PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Intermediate Goods and Business Cycles PDF full book. Access full book title Intermediate Goods and Business Cycles by Susanto Basu. Download full books in PDF and EPUB format.
Author: Susanto Basu
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 56
Get Book Here
Book Description
This paper presents an aggregate demand-driven model of business cycles that provides a new explanation for the procyclicality of productivity, and simultaneously predicts large welfare losses from monetary non-neutrality. The key features of the model are an input- output production structure, imperfect competition, countercyclical markups, and, for some results, state- dependent price rigidity. True technical efficiency is procyclical even though production takes place with constant returns, without technology shocks or technological externalities. The paper has observable implications that distinguish it empirically from related work. These implications are generally supported by data from U.S. manufacturing industries.
Author: Susanto Basu
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 56
Get Book Here
Book Description
This paper presents an aggregate demand-driven model of business cycles that provides a new explanation for the procyclicality of productivity, and simultaneously predicts large welfare losses from monetary non-neutrality. The key features of the model are an input- output production structure, imperfect competition, countercyclical markups, and, for some results, state- dependent price rigidity. True technical efficiency is procyclical even though production takes place with constant returns, without technology shocks or technological externalities. The paper has observable implications that distinguish it empirically from related work. These implications are generally supported by data from U.S. manufacturing industries.
Author: Costello, Donna M
Publisher: London, Ont. : Department of Economics, University of Western Ontario
ISBN: 9780771414930
Category :
Languages : en
Pages : 25
Get Book Here
Book Description
Author: Ms.Valerie Cerra
Publisher: International Monetary Fund
ISBN: 1513536990
Category : Business & Economics
Languages : en
Pages : 50
Get Book Here
Book Description
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: F. A. Hayek
Publisher: University of Chicago Press
ISBN: 0226320464
Category : Business & Economics
Languages : en
Pages : 303
Get Book Here
Book Description
“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: Madhavi Pundit
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 24
Get Book Here
Book Description
Author: Albert N. Link
Publisher: Irwin Professional Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 210
Get Book Here
Book Description
Author: F. A. Hayek
Publisher: Routledge
ISBN: 0415641152
Category : Business & Economics
Languages : en
Pages : 306
Get Book Here
Book Description
The latest editions in Routledge'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. 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.
Author: Thomas F. Cooley
Publisher: Princeton University Press
ISBN: 9780691043234
Category : Business & Economics
Languages : en
Pages : 452
Get Book Here
Book Description
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
Author: Wesley Clair Mitchell
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 642
Get Book Here
Book Description
Author: Paul A. Volcker
Publisher: New York : Free Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 108
Get Book Here
Book Description
