Overview

Three original models which explain business cycles as a result of self-fulfilling expectations are presented. The models are founded on the structure of dynamic general equilibrium theory. Market power and increasing returns to scale are introduced which allow indeterminancy of the Rational Expectations equilibria to be obtained. Unlike the majority of existing literature on this subject, the departures from perfect markets and constant returns presented in these models are very low and, more importantly, at a realistic level to achieve the respective results. It is demonstrated in all of the presented models that stylized facts of the business cycle can be reproduced.

Full Product Details

Author:   Mark Weder
Publisher:   Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
Imprint:   Physica-Verlag GmbH & Co
Edition:   Softcover reprint of the original 1st ed. 1998
Dimensions:   Width: 15.20cm , Height: 1.00cm , Length: 22.90cm
Weight:   0.305kg
ISBN:  

9783790810783

ISBN 10:   3790810789
Pages:   179
Publication Date:   19 January 1998
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Manufactured on demand  
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Table of Contents

1 Introduction.- 1.1 Introduction.- 1.2 New methods of business cycle theory.- 1.3 Business cycle models with indeterminacy.- 1.4 Related work.- 1.6 Appendix.- 2 Indeterminacy, Business Cycles and Modest Increasing Returns to Scale.- 2.1 Introduction.- 2.2 The model.- 2.3 The equilibrium dynamics.- 2.4 Calibration.- 2.5 Results.- 2.5.1 Eigenvalues.- 2.6 Interpretation.- 2.7 Second moments.- 2.8 Conclusion.- 2.9 Appendix.- 3 Self-Fulfilling Prophecies and Business Cycles in a Two-Sector Stochastic Optimal Growth Model.- 3.1 Introduction.- 3.2 The model.- 3.3 The equilibrium dynamics.- 3.4 Calibration.- 3.5 Results.- 3.6 Conclusion.- 3.7 Appendix.- 4 Animal Spirits, Technology Shocks and the Business Cycle.- 4.1 Introduction.- 4.2 The model.- 4.3 The equilibrium dynamics.- 4.4 Calibration.- 4.5 Results.- 4.6 Business cycle properties.- 4.7 Conclusion.- 4.8 Appendix.- 5 Conclusion.- 6 Bibliography.

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