Lecture Notes in Economics and Mathematical Systems

The Labor Market and Business Cycle Theories

Authors: Ferri, Piero, Greenberg, Edward

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About this book

Interest in business cycles has had its 'ups and downs'. After a period of almost steady state growth and of economic tranquility, when the business cycle seemed to be obsolete, the turbulence of the 70s and 80s has contributedto a renewed interest in the topic. Important analytical and methodological innovations have also favored the present abundance of contributions. Four innovations are of particular importance: i. microfoundations ii. nonlinearities iii. stochastic variables iv. real aspects. Both Classical macroeconomics and new-Keynesian approaches seem to share these characteristics, which apply both to endogenous and exogenous explanations of the cycle. The distance separating the newer literature from its forebears seems vast. Previously, cycle theory was characterized by a macro approach and utilized nonlinearities either through piecewise 'linear models or with the aid of Classical theorems in the field of dynamic systems. To consider and to compare the old and the new literature on business cycles is one of the goals of this book. To narrow the distance separating them is another goal of this research. We do not try to bridge it, but rather to revisit the former tradition with new tools. Finally, a particular emphasis is put on the 'ceilings and floors' type of literature. One of us has written a D. Phil. thesis with Sir John Hicks, and both have worked with H. P. Minsky. Hicks, along with Goodwin, introdu. ced the concept of ceilings and floors into business cycle analysis, and Minsky made important contributions to the area.

Table of contents (10 chapters)

  • Introduction

    Ferri, Piero (et al.)

    Pages 1-10

  • The Labor Market, Business Cycles, and Economic Instability

    Ferri, Piero (et al.)

    Pages 11-26

  • The Analytical Role of the Labor Market in Long-and Short-Run Models

    Ferri, Piero (et al.)

    Pages 27-45

  • Nonlinear Deterministic Labor Market Theories of Business Cycles

    Ferri, Piero (et al.)

    Pages 46-64

  • The Mathematics of Nonlinearity

    Ferri, Piero (et al.)

    Pages 65-83

Buy this book

eBook $69.99
price for USA (gross)
  • ISBN 978-3-662-00831-7
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
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Bibliographic Information

Bibliographic Information
Book Title
The Labor Market and Business Cycle Theories
Authors
Series Title
Lecture Notes in Economics and Mathematical Systems
Series Volume
325
Copyright
1989
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin Heidelberg
eBook ISBN
978-3-662-00831-7
DOI
10.1007/978-3-662-00831-7
Series ISSN
0075-8442
Edition Number
1
Number of Pages
X, 186
Topics