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OverviewThis monograph is devoted to the analysis of the dynamics of business cycles and stabilization policies. The analysis is conducted in models of the AS-AD type, focusing on involuntary unemployment and capital accumulation. Major conclusions are the following. (1) Sectoral imbalances, once emphasized by such business-cycle theorists as K. Marx, A. Spiethoff, and F.A. Hayek, are rectified in finite time by competitive investment allocation, leaving aggregate variables as the main variables of business cycle dynamics. (2) The chronology of events during a cycle is established, which resolves the so-called real wage puzzle. (3) Owing to the crowding-out effect on investment, fiscal stabilization policies can destabilize the business cycle dynamics if implemented too intensively. (4) If coordinated properly, monetary stabilization policies can remove the destabilizing tendency of fiscal stabilization policies. Full Product DetailsAuthor: Hajime HoriPublisher: Springer Verlag, Singapore Imprint: Springer Verlag, Singapore Edition: Softcover reprint of the original 1st ed. 2017 Volume: 15 Weight: 0.454kg ISBN: 9789811097843ISBN 10: 9811097844 Pages: 142 Publication Date: 29 July 2018 Audience: Professional and scholarly , Professional & Vocational Format: Paperback Publisher's Status: Active Availability: Manufactured on demand  We will order this item for you from a manufactured on demand supplier. Table of Contents1 An Aggregative Model of Unemployment, Cycles, and Growth.- 2 A Hicksian Two-Sector Model of Unemployment, Cycles, and Growth.- 3 Stabilization Policies and Business Cycle Dynamics.- References.- Index.ReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |
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