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Business Cycle Dynamics and Stabilization Policies - A Keynesian Approach (Paperback, Softcover reprint of the original 1st ed. 2017)
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Business Cycle Dynamics and Stabilization Policies - A Keynesian Approach (Paperback, Softcover reprint of the original 1st ed. 2017)
Series: Advances in Japanese Business and Economics, 15
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This monograph is devoted to the analysis of the dynamics of
business cycles and stabilization policies. The analysis is
conducted in models of the AS-AD type, focusing on involuntary
unemployment and capital accumulation. Major conclusions are the
following. (1) Sectoral imbalances, once emphasized by such
business-cycle theorists as K. Marx, A. Spiethoff, and F.A. Hayek,
are rectified in finite time by competitive investment allocation,
leaving aggregate variables as the main variables of business cycle
dynamics. (2) The chronology of events during a cycle is
established, which resolves the so-called real wage puzzle. (3)
Owing to the crowding-out effect on investment, fiscal
stabilization policies can destabilize the business cycle dynamics
if implemented too intensively. (4) If coordinated properly,
monetary stabilization policies can remove the destabilizing
tendency of fiscal stabilization policies.
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