Overview

The book revisits the subject matter of macroeconomic theory in a two-sector disequilibrium model inspired by the structural theories of the business cycle developed by Tugan-Baranowski, Aftalion, Fanno, and Lowe. The functioning of each market is modeled following Hicks: the features of each market depend on the characteristics of the goods traded. In this framework, endogenous irregular business cycles arise. The issues of the impact of technical progress and the effectiveness of a stabilizing fiscal policy are thoroughly discussed. The book concludes with a discussion of all of these problems in a case of open economy.

Full Product Details

Author:   Franco Nardini
Publisher:   Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
Imprint:   Springer-Verlag Berlin and Heidelberg GmbH & Co. K
Edition:   Softcover reprint of the original 1st ed. 2001
Volume:   500
Dimensions:   Width: 15.50cm , Height: 1.20cm , Length: 23.50cm
Weight:   0.338kg
ISBN:  

9783540415961

ISBN 10:   3540415963
Pages:   194
Publication Date:   26 February 2001
Audience:   College/higher education ,  Professional and scholarly ,  Undergraduate ,  Postgraduate, Research & Scholarly
Format:   Paperback
Publisher's Status:   Active
Availability:   Awaiting stock  
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Table of Contents

A Two-Sector Disequilibrium Model: Two Three and Multisector Models in the Economic Literature.- Multisector models and dynamic analysis; General outline of the model; Assumptions of the Model.- Common features of the two sectors; The consumption goods sector; The capital goods sector; The Equations of the Model.- Common features of both sectors; The consumption goods sector; The capital goods sector; The Dynamical System.- Relative variables and profitability conditions; The dynamical system under normal conditions; Dynamical system when profits fall; The dynamical system during the slump; The dynamical system when profit rates are far from equilibrium; The dynamical system during the rationing of capital goods; Growth and Business Cycles: Evolution of the Economy under Normal Conditions.- Equilibrium points; Evolution of the system in a neighborhood of an equilibrium point; Expansion and depression; Depression and Expansion Regimes.- Evolution of the depression; Evolution of the expansion; Technical Progress and Economic Fluctuations.- Different cases of technical progress; An increase of labor productivity in the consumption goods sector; An incrase of capital productivity in the consumption goods sector; An increase of labor productivity in the capital goods sector; An increase of the capital productivity in the capital goods sector; Stabilization Policies: Unstable Growth Paths and Effectiveness of Fiscal Policies.- Instability in multisector models; The role of the government; Further Equations.- The government; The consumption goods sector; The capital goods sector; Dual income tax; Balancing the Budget: Equilibria and Stability.- Evolution of the main variables; Local dynamics; Expansion and depression; Anti-inflationary Policies.- Effects of a rise of the consumption tax rate; Effects of a rise in the profit tax; Expansionary Policies.- Effects of a tax cut; Effects of the introduction of unemployment benefits; The Open Economy: Importing from a Developing Country: Industrialization in an Open Economy.- Large country and small country; Dual structure of the small country; The modern sector in the small country; The Developed Country and the Developing one.- The new industrial sector in the small country; Early phase and further phase; Perturbation of Equilibria and Stabilization Policies; the Early Phase.- Large and small country during the early phase; The dynamical system; Equilibrium and fiscal policies; Perturbation of Equilibria and Stabilization Policies: the Further Phase.- Catching up and falling behind; Large and small country during the further phase; The dynamical system; Equilibrium and fiscal policy; Technical progress in the open economy; Remarks and Open Problems.- Fiscal policy of the developed country and expansion of the new industrial sector in the developing country; Fiscal policy of the developed country, budget and trade balance deficit; Conclusions.- Appendices.- List of Figures.- List of Symbols.- References.

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