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Measuring and Interpreting Business Cycles : FIEF Studies in Labor Markets and Economic Policy - Villy Bergstrom

Measuring and Interpreting Business Cycles

FIEF Studies in Labor Markets and Economic Policy

By: Villy Bergstrom (Editor), Anders Vredin (Editor)

Hardcover

Published: 15th December 1994
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This book consists of three long papers, accompanied by a series of short comments (by Klaus Nesser, Erling Steigum, Danny Quah, Michael Bergman, and Seppo Honkapohja) and an introduction by the editors covering the main themes of the book. It combines a systematic empirical investigation into the characteristics of business cycles with a review of general theories of the patterns and dynamics of cycles. The first paper, by John Hassler, Torsten Persson, and Paul Soderlind, investigates the patterns over time of business cycles, using data from the remarkable Swedish series dating from 1860 to the present day, and will become a standard reference in the literature on empirical investigations of business cycles. The authors find that there are strong similarities between the patterns of the business cycles of many countries. The second paper, by Peter Englund, Anders Vredin, and Anders Warne, analyses the dynamics of business cycles, and uses applied econometric analysis to identify different types of exogenous macroeconomic shocks, again using the Swedish data. The authors conclude that both permanent and transitory real shocks have lasting effects on patterns of economic growth. The third paper, by Jean-Michel Grandmont, has a different emphasis and reviews the theory of endogenous shocks. In this complex and distinguished paper he argues that agents may have self-fulfilling expectations of fluctuations in business activity.

`This is an interesting book, using spectral analysis, cointegration properties and vector autoregression to analyse business cycles, and deserves close study by those working in this area.' The Economic Journal

Introductionp. 1
Referencesp. 7
The Swedish Business Cycle Stylized Facts Over 130 Yearsp. 9
Introductionp. 11
Datap. 14
What Are Business Cycles?p. 18
Broad Facts for Sweden, 1861-1988p. 31
Narrow Factsp. 64
Concluding Commentsp. 85
Data Sources and Definitionsp. 90
Filters and Frequency-Dmain Statisticsp. 97
Statistical Inference on Filtered Datap. 105
Commentp. 109
Commentp. 114
Referencesp. 119
Macroeconomic Shocks in an Open Economy a Common-Trends Representation of Swedish Data 1871-1990p. 125
Introductionp. 127
Vector Autoregressionsp. 131
Common-Trends Models of Macroeconomic Fluctuationsp. 136
Examplesp. 149
Data Descriptionp. 156
Impulses and Propagation Mechanisms in Swedenp. 172
What Can We Learn About Business Cycles from Var Models?p. 193
Commentp. 195
Commentp. 214
Referencesp. 219
Expectations-Driven, Non-Linear Business Cyclesp. 225
Expectations-Driven Non-Linear Business Cyclesp. 227
Commentsp. 256
Referencesp. 263
Indexp. 267
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780198288596
ISBN-10: 019828859X
Series: FIEF Studies in Labor Markets and Economic Policy
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 282
Published: 15th December 1994
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 22.3 x 14.4  x 2.3
Weight (kg): 0.48