Titlebook: Business Cycles; Market Structure and Kirsten Ralf Book 2000 Springer-Verlag Berlin Heidelberg 2000 Cycles economic.Konjunkturzyklen.Markst

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Introduction,eflected in the serial correlations of key macroeconomic series, such as output, consumption, investment, employment, and inflation. Business cycle theorizing attempts to explain this cyclical behaviour of economic aggregates. Which are the forces that induce the economy to fluctuate? Individual dec

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Stability of the economy,re is to formulate a dynamic model which represents the relevant economic relations leading to economic cycles. In the real world, the economic entities depend on the decisions of living individuals following various intentions. Theoretic modelling can only be an idealization of possible actions. Po

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Survey of modern business cycle theory, business cycle theorists have devoted their attention to constructing mathematical models which are able to replicate fluctuations in economic activity. The models differ widely, in ways that reflect their authors’ school of thought. The aim of the present chapter is to provide a survey of modern b

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Market structure,-Keynesian approach. New-Keynesian theories derive nominal and real rigidities from the rational behaviour of individuals. The automatic tendency to an equilibrium path with full employment is denied. Demand shocks are seen as the cause for economic fluctuations and the welfare analysis shows that t

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Market interaction,uations. The observation of disproportionalities between different sectors of the economy defined as disequilibrium in the structure of production is very old in the business cycle literature, e.g. monetary and nonmonetary overinvestment theories or the acceleration principle. Overinvestment occurs

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Basic questions, early theories and empirical evidence,hat macroeconomics has to explain output growth, on the one hand, and on the other, why this output growth is not steady but fluctuating. Business cycle theory, then, is that part of macroeconomics which deals with the deviations of macroeconomic variables such as output, investment, and consumption

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Survey of modern business cycle theory,. In the second group, we have models which doubt economic stability, economic fluctuations are an endogenous phenomenon or market failures prevent the economy from an automatic tendency towards a steady state. The working of a price mechanism is questioned. It will be seen in more detail when analy