Frontiers of Business Cycle Research

Frontiers of Business Cycle Research

By: Thomas F. Cooley (editor)Hardback

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Description

Among the most revolutionary and productive areas of economic research over the last two decades, modern business cycle theory is finally made accessible to students and professionals in this rigorous, unified, introductory volume. This theory starts with the view that growth and fluctuations are not distinct phenomena to be studied separately--and that business cycles result from shocks (such as the availability of new technologies), which regularly affect most economies. The unifying theme of this book is the use of the neoclassical growth framework to study the economic fluctuations associated with the business cycle. Presenting recent advances in dynamic economic theory and computational methods--with emphasis on the construction of equilibrium paths for simple artificial economies--leading experts orient readers in the quantitative study of aggregate fluctuations and apply its concepts to key issues in macroeconomics and business cycle theory. This volume covers such issues as the aggregate labor market, the role of the household sector, the role of money, the behavior of asset markets, non-Walrasian economies, monopolistically competitive economies, international business cycles, and the design of economic policies. The contributors are David Backus, V. V. Chari, Lawrence Christiano, Thomas F. Cooley, Jean-Pierre Danthine, John Donaldson, Jeremy Greenwood, Gary D. Hansen, Patrick Kehoe, Finn Kydland, Edward C. Prescott, Richard Rogerson, Julio Rotemberg, Geert Rouwenhorst, Jose-Victor Rios-Rull, Michael Woodford, and Randall Wright.

About Author

Thomas F. Cooley is Fred H. Gowen Professor of Economics at the Simon School of Business and Professor of Economics at the University of Rochester.

Contents

List of IllustrationsList of TablesPrefaceContributors1Economic Growth and Business Cycles12Recursive Methods for Computing Equilibria of Business Cycle Models393Computing Equilibria of Nonoptimal Economies654Models with Heterogeneous Agents985Business Cycles and Aggregate Labor Market Fluctuations1266Household Production in Real Business Cycle Theory1577Money and the Business Cycle1758Non-Walrasian Economies2179Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets24310Asset Pricing Implications of Equilibrium Business Cycle Models29411International Business Cycles: Theory and Evidence33112Policy Analysis in Business Cycle Models357Bibliography393Author Index413Subject Index417

Product Details

  • ISBN13: 9780691043234
  • Format: Hardback
  • Number Of Pages: 440
  • ID: 9780691043234
  • weight: 765
  • ISBN10: 069104323X
  • translations: English
  • language of text: English

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