Frontiers of Business Cycle Research

by Thomas F. Cooley (Editor)

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.

Product Details

ISBN-13:	9780691218052
Publisher:	Princeton University Press
Publication date:	09/01/2020
Sold by:	Barnes & Noble
Format:	eBook
Pages:	440
File size:	23 MB
Note:	This product may take a few minutes to download.

About the Author

Thomas F. Cooley is Fred H. Gowen Professor of Economics at the Simon School of Business and Professor of Economics at the University of Rochester.

Table of Contents

List of Illustrations

List of Tables

Preface

Contributors

1 Economic Growth and Business Cycles

2 Recursive Methods for Computing Equilibria of Business Cycle Models

3 Computing Equilibria of Nonoptimal Economies

4 Models with Heterogeneous Agents

5 Business Cycles and Aggregate Labor Market Fluctuations

6 Household Production in Real Business Cycle Theory

7 Money and the Business Cycle

8 Non-Walrasian Economies

9 Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets

10 Asset Pricing Implications of Equilibrium Business Cycle Models

11 International Business Cycles: Theory and Evidence

12 Policy Analysis in Business Cycle Models

Bibliography

Author Index

Subject Index

What People are Saying About This

John Campbell

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

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

From the Publisher

"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

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

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

Editorial Reviews

"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

From the Publisher