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Measuring and Interpreting Business Cycles (Hardcover, New)
Loot Price: R3,683
Discovery Miles 36 830
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Measuring and Interpreting Business Cycles (Hardcover, New)
Series: FIEF Studies in Labor Markets and Economic Policy
Expected to ship within 12 - 17 working days
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Total price: R3,703
Discovery Miles: 37 030
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This book consists of three long papers, accompanied by a series of
short comments (by Klaus Nesser, Erling Steigum, Danny Quah,
Michael Bergman, and Seppo Honkapohja) and an introduction by the
editors covering the main themes of the book. It combines a
systematic empirical investigation into the characteristics of
business cycles with a review of general theories of the patterns
and dynamics of cycles. The first paper, by John Hassler, Torsten
Persson, and Paul Soderlind, investigates the patterns over time of
business cycles, using data from the remarkable Swedish series
dating from 1860 to the present day, and will become a standard
reference in the literature on empirical investigations of business
cycles. The authors find that there are strong similarities between
the patterns of the business cycles of many countries. The second
paper, by Peter Englund, Anders Vredin, and Anders Warne, analyses
the dynamics of business cycles, and uses applied econometric
analysis to identify different types of exogenous macroeconomic
shocks, again using the Swedish data. The authors conclude that
both permanent and transitory real shocks have lasting effects on
patterns of economic growth. The third paper, by Jean-Michel
Grandmont, has a different emphasis and reviews the theory of
endogenous shocks. In this complex and distinguished paper he
argues that agents may have self-fulfilling expectations of
fluctuations in business activity.
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