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OverviewThree original models which explain business cycles as a result of self-fulfilling expectations are presented. The models are founded on the structure of dynamic general equilibrium theory. Market power and increasing returns to scale are introduced which allow indeterminancy of the Rational Expectations equilibria to be obtained. Unlike the majority of existing literature on this subject, the departures from perfect markets and constant returns presented in these models are very low and, more importantly, at a realistic level to achieve the respective results. It is demonstrated in all of the presented models that stylized facts of the business cycle can be reproduced. Full Product DetailsAuthor: Mark WederPublisher: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG Imprint: Physica-Verlag GmbH & Co Edition: Softcover reprint of the original 1st ed. 1998 Dimensions: Width: 15.20cm , Height: 1.00cm , Length: 22.90cm Weight: 0.305kg ISBN: 9783790810783ISBN 10: 3790810789 Pages: 179 Publication Date: 19 January 1998 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 Introduction.- 1.1 Introduction.- 1.2 New methods of business cycle theory.- 1.3 Business cycle models with indeterminacy.- 1.4 Related work.- 1.6 Appendix.- 2 Indeterminacy, Business Cycles and Modest Increasing Returns to Scale.- 2.1 Introduction.- 2.2 The model.- 2.3 The equilibrium dynamics.- 2.4 Calibration.- 2.5 Results.- 2.5.1 Eigenvalues.- 2.6 Interpretation.- 2.7 Second moments.- 2.8 Conclusion.- 2.9 Appendix.- 3 Self-Fulfilling Prophecies and Business Cycles in a Two-Sector Stochastic Optimal Growth Model.- 3.1 Introduction.- 3.2 The model.- 3.3 The equilibrium dynamics.- 3.4 Calibration.- 3.5 Results.- 3.6 Conclusion.- 3.7 Appendix.- 4 Animal Spirits, Technology Shocks and the Business Cycle.- 4.1 Introduction.- 4.2 The model.- 4.3 The equilibrium dynamics.- 4.4 Calibration.- 4.5 Results.- 4.6 Business cycle properties.- 4.7 Conclusion.- 4.8 Appendix.- 5 Conclusion.- 6 Bibliography.ReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |
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