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Frontiers of Business Cycle Research - Thomas F. Cooley

Frontiers of Business Cycle Research

By: Thomas F. Cooley (Editor)

Hardcover Published: 26th February 1995
ISBN: 9780691043234
Number Of Pages: 440

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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, Jose-Victor Rios-Rull, Michael Woodford, and Randall Wright.

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. ert E. Lucas, Jr., The University of Chicago

List of Illustrations
List of Tables
Preface
Contributors
Economic Growth and Business Cyclesp. 1
Recursive Methods for Computing Equilibria of Business Cycle Modelsp. 39
Computing Equilibria of Nonoptimal Economiesp. 65
Models with Heterogeneous Agentsp. 98
Business Cycles and Aggregate Labor Market Fluctuationsp. 126
Household Production in Real Business Cycle Theoryp. 157
Money and the Business Cyclep. 175
Non-Walrasian Economiesp. 217
Dynamic General Equilibrium Models with Imperfectly Competitive Product Marketsp. 243
Asset Pricing Implications of Equilibrium Business Cycle Modelsp. 294
International Business Cycles: Theory and Evidencep. 331
Policy Analysis in Business Cycle Modelsp. 357
Bibliographyp. 393
Author Indexp. 413
Subject Indexp. 417
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780691043234
ISBN-10: 069104323X
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 440
Published: 26th February 1995
Country of Publication: US
Dimensions (cm): 23.9 x 15.88  x 3.35
Weight (kg): 0.78