The Business Cycle After Keynes: A Contemporary Analysis
This up-to-date book on modern theories of the business cycle fills a gap in the literature by presenting a comprehensive analysis of the major theoretical work before and after 1970. The author focuses on the Political and Equilibrium theories of the cycle with special attention to the role of government in each of these theories, considers evidence supporting these modern theories and their underlying hypotheses, and analyzes business cycle modeling and the role of government in the cycle.
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adaptive expectations aggregate argued assumed Attfield Barro business cycle modelling business cycle theory changes chapter considered cyclical derived difference equations differential equations discussion EBC models econometric economic agents economic constraints economic outcomes economic variables effects election electoral period equilibrium estimated explain fiscal formulation Frey and Schneider Friedman game theoretic Goodwin implied inflation and unemployment influence investment function Kaldor Keynesian Kydland limit cycle linear deterministic long-run Lucas major market clearing market clearing prices maximise Monetarism monetarist monetary policy money supply multiplier-accelerator model myopic natural rate nested testing nonlinear models Nordhaus's objective function output parameters PBC theory Phillips curve policy reaction functions postulated price level random rational expectations rationally formed expectations real roots result role second order short-run solution paths stable statistical stochastic supply hypothesis target variables trade-off trend unanticipated monetary growth underlying hypotheses unemployment unemployment and inflation voters voting function wages zero
Page 109 - After Keynesian macroeconomics', in Federal Reserve Bank of Boston Conference Series No. 19, After the Phillips Curve: Persistence of High Inflation and Unemployment. Reprinted in Lucas, RE and Sargent, TJ (eds) (1981), Rational Expectations and Econometric Practice, London: George Allen & Unwin.
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