Free Delivery Over $100
|
|
|||
|
||||
Overview"by exploiting the disequilibrium and non linear relationships among economic aggregates. Prom an empirical point of view, this approach resemblaces the old NBER view, according to which: ""the business cycle [. . . ] consists of - pansions occurring at about the same time in many economic activities, f- lowed by similairly general recessions, contractions, and revivals which merge into the expansion phase of the next cyxle"" (Burns and Mitchell, 1946). They add that the movement, although recurrent, is not periodic, lasting from 1 to 12 years, and it is not divisible into shorter cycles. Of course, both approaches are not free from limits and inconsistencies. In spite of the equilibrium approach having nowadays became the workhorse of modern macroeconomics, for example, their users still find enormous d- ficulties in explaining why small shocks produce large fluctuations. A well known argument in multi sector real business cycle models (see e. g. Long and Plosser, 1983) is that as the number of sectors or industries considered in the analysis becomes large, aggregate volatility must tend to zero very quickly. This result, which follows directly from the Law of Large Numbers (LLN), rests on the hypothesis that each sector is periodically buffeted with idiosyncratic, identically and independently distributed shocks to Total F- tor Productivity (TFP)." Full Product DetailsAuthor: Domenico Gatti , Edoardo Gaffeo , Mauro Gallegati , Gianfranco GiulioniPublisher: Springer Verlag Imprint: Springer Verlag Edition: Softcover reprint of hardcover 1st ed. 2008 Dimensions: Width: 15.50cm , Height: 0.60cm , Length: 23.50cm Weight: 0.207kg ISBN: 9788847015616ISBN 10: 8847015618 Pages: 114 Publication Date: 28 October 2010 Audience: Professional and scholarly , Professional & Vocational Format: Paperback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsCrucial Issues.- Stylized Facts of Industrial Dynamics: The Distribution of Firms’ Size.- Stylized Facts in Industrial Dynamics: Exit, Productivity, Income.- An Agent-based Model.- Where Do We Go from Here?.ReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |
||||
