Business Cycle Economics: Understanding Recessions and Depressions from Boom to Bust: Understanding Recessions and Depressions from Boom to Bust

Despite more than two centuries of debate, a definitive explanation of the causes of economic cycles still does not exist. Economists, politicians, and policymakers have argued many well-known theories as to why these peaks and slumps occur, and cyclical recessions and depressions continue in spite of the enormous intellectual reserves working to prevent them. This timely analysis presents a comprehensive overview of global economics, assessing older theories alongside of new ways of thinking to reveal the empirical methods needed to evaluate, forecast, and prevent future crises.

Educator and economist Todd Knoop provides explanations of influential macroeconomic theories that have shaped modern economics, such as Keynesian economics, Neoclassical economics, Austrian economics, and New Keynesian economics. In addition, he considers case studies of specific recessions and depressions, beginning with the Great Depression through the East Asian crisis and Great Recession in Japan and culminating with a detailed examination of the European debt crisis and the 2008 global financial crisis. The work concludes with a look at the insights gained from these fiscal events as well as the major questions that still remain unanswered as a result of these crises.

1119768366
Business Cycle Economics: Understanding Recessions and Depressions from Boom to Bust: Understanding Recessions and Depressions from Boom to Bust

Despite more than two centuries of debate, a definitive explanation of the causes of economic cycles still does not exist. Economists, politicians, and policymakers have argued many well-known theories as to why these peaks and slumps occur, and cyclical recessions and depressions continue in spite of the enormous intellectual reserves working to prevent them. This timely analysis presents a comprehensive overview of global economics, assessing older theories alongside of new ways of thinking to reveal the empirical methods needed to evaluate, forecast, and prevent future crises.

Educator and economist Todd Knoop provides explanations of influential macroeconomic theories that have shaped modern economics, such as Keynesian economics, Neoclassical economics, Austrian economics, and New Keynesian economics. In addition, he considers case studies of specific recessions and depressions, beginning with the Great Depression through the East Asian crisis and Great Recession in Japan and culminating with a detailed examination of the European debt crisis and the 2008 global financial crisis. The work concludes with a look at the insights gained from these fiscal events as well as the major questions that still remain unanswered as a result of these crises.

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Business Cycle Economics: Understanding Recessions and Depressions from Boom to Bust: Understanding Recessions and Depressions from Boom to Bust

Business Cycle Economics: Understanding Recessions and Depressions from Boom to Bust: Understanding Recessions and Depressions from Boom to Bust

by Todd A. Knoop
Business Cycle Economics: Understanding Recessions and Depressions from Boom to Bust: Understanding Recessions and Depressions from Boom to Bust

Business Cycle Economics: Understanding Recessions and Depressions from Boom to Bust: Understanding Recessions and Depressions from Boom to Bust

by Todd A. Knoop

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Overview

Despite more than two centuries of debate, a definitive explanation of the causes of economic cycles still does not exist. Economists, politicians, and policymakers have argued many well-known theories as to why these peaks and slumps occur, and cyclical recessions and depressions continue in spite of the enormous intellectual reserves working to prevent them. This timely analysis presents a comprehensive overview of global economics, assessing older theories alongside of new ways of thinking to reveal the empirical methods needed to evaluate, forecast, and prevent future crises.

Educator and economist Todd Knoop provides explanations of influential macroeconomic theories that have shaped modern economics, such as Keynesian economics, Neoclassical economics, Austrian economics, and New Keynesian economics. In addition, he considers case studies of specific recessions and depressions, beginning with the Great Depression through the East Asian crisis and Great Recession in Japan and culminating with a detailed examination of the European debt crisis and the 2008 global financial crisis. The work concludes with a look at the insights gained from these fiscal events as well as the major questions that still remain unanswered as a result of these crises.


Product Details

ISBN-13: 9781440831751
Publisher: ABC-CLIO, Incorporated
Publication date: 02/17/2015
Sold by: Barnes & Noble
Format: eBook
Pages: 391
File size: 5 MB

About the Author

Todd A. Knoop, PhD, is professor of economics and business at Cornell College, Mount Vernon, IA.

Table of Contents

List of Figures and Tables xi

Preface xv

Part I The Facts of Business Cycles

1 Why Study Business Cycles? 3

2 Describing Business Cycles 11

Part II Macroeconomic Theories of Business Cycles

3 Early Business Cycle Theories 33

4 Keynes's and Keynesiam Theory 48

5 Austrian Economics 67

6 The Monetarist Model 78

7 The Rational Expectations Model 99

8 Real Business Cycle Models 113

9 New Keynesian Models 127

Part III Financial Instability and Forecasting

10 Models of Credit and Financial Instability 147

11 Beliefs, Behavior, Bubbles, and Banking Crises 165

12 Macroeconomic Forecasting 181

Part IV Business Cycles in the United States

13 The Great Depression 203

14 Postwar Business Cycles 221

Part V Modern International Recessions and Depressions

15 The East Asian Crisiss and the IMF 249

16 The Great Recession in Japan 276

17 Sovereign Debt Crises and the Euro-Zone 293

18 The Global Financial Crisis of 2008 312

19 Conclusions-What We Know and Do Not Know about Business Cycles 342

Bibliography 361

Index 375

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