Frontiers of Business Cycle Research

Overview

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 ...

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Overview

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, José-Víctor Ríos-Rull, Michael Woodford, and Randall Wright.

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What People Are Saying

Lucas
Frontiers of Business Cycle Research collects a number of papers that are standards on my graduate reading lists and some others that soon will be. It adds two lucid introductory papers, one by Thomas Cooley and Edward Prescott and another on computing by Gary Hansen and Prescott. The result is an excellent volume that will be invaluable to macroeconomic researchers and a stimulating introduction for graduate students.
Robert E. Lucas, Jr., University of Chicago
John Campbell
This book will be an essential reference for economists seeking to understand stochastic growth models.
John Campbell, Harvard
Thomas Sargent
This is an excellent book. It documents many achievements of the equilibrium approach to macroeconomics, and shows how it has been used to refine and interpret many empirical puzzles, and to reformulate practical policy issues. The authors of individual articles are leaders in developing and applying economic dynamics.
Thomas Sargent, Hoover Institution, Stanford University

This is an excellent book. It documents many achievements of the equilibrium approach to macroeconomics, and shows how it has been used to refine and interpret many empirical puzzles, and to reformulate practical policy issues. The authors of individual articles are leaders in developing and applying economic dynamics.
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Product Details

  • ISBN-13: 9780691043234
  • Publisher: Princeton University Press
  • Publication date: 2/6/1995
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 464
  • Product dimensions: 6.25 (w) x 9.41 (h) x 1.32 (d)

Table of Contents

List of Illustrations
List of Tables
Preface
Contributors
1 Economic Growth and Business Cycles 1
2 Recursive Methods for Computing Equilibria of Business Cycle Models 39
3 Computing Equilibria of Nonoptimal Economies 65
4 Models with Heterogeneous Agents 98
5 Business Cycles and Aggregate Labor Market Fluctuations 126
6 Household Production in Real Business Cycle Theory 157
7 Money and the Business Cycle 175
8 Non-Walrasian Economies 217
9 Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets 243
10 Asset Pricing Implications of Equilibrium Business Cycle Models 294
11 International Business Cycles: Theory and Evidence 331
12 Policy Analysis in Business Cycle Models 357
Bibliography 393
Author Index 413
Subject Index 417
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Recipe

"Frontiers of Business Cycle Research collects a number of papers that are standards on my graduate reading lists and some others that soon will be. It adds two lucid introductory papers, one by Thomas Cooley and Edward Prescott and another on computing by Gary Hansen and Prescott. The result is an excellent volume that will be invaluable to macroeconomic researchers and a stimulating introduction for graduate students."—Robert E. Lucas, Jr., University of Chicago

"This book will be an essential reference for economists seeking to understand stochastic growth models."—John Campbell, Harvard

"This is an excellent book. It documents many achievements of the equilibrium approach to macroeconomics, and shows how it has been used to refine and interpret many empirical puzzles, and to reformulate practical policy issues. The authors of individual articles are leaders in developing and applying economic dynamics."—Thomas Sargent, Hoover Institution, Stanford University

Read More Show Less

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