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The Labor Market and Business Cycle Theories

  • Book
  • © 1989

Overview

Authors:
  1. Piero Ferri

    1. University of Bergamo, Bergamo, Italy

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    You can also search for this author in PubMed   Google Scholar

  2. Edward Greenberg

    1. Department of Economics, Washington University, St. Louis, USA

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    You can also search for this author in PubMed   Google Scholar

Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 325)

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Table of contents (10 chapters)

  1. Front Matter

    Pages N2-X
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  2. Introduction

    • Piero Ferri, Edward Greenberg
    Pages 1-10

  3. The Labor Market, Business Cycles, and Economic Instability

    • Piero Ferri, Edward Greenberg
    Pages 11-26

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

    • Piero Ferri, Edward Greenberg
    Pages 27-45

  5. Nonlinear Deterministic Labor Market Theories of Business Cycles

    • Piero Ferri, Edward Greenberg
    Pages 46-64

  6. The Mathematics of Nonlinearity

    • Piero Ferri, Edward Greenberg
    Pages 65-83

  7. The Labor Market and Stochastic Theories of Business Cycles

    • Piero Ferri, Edward Greenberg
    Pages 84-105

  8. Wage-Price Spirals

    • Piero Ferri, Edward Greenberg
    Pages 106-119

  9. A Regime Switching Model

    • Piero Ferri, Edward Greenberg
    Pages 120-143

  10. Some Critical Aspects

    • Piero Ferri, Edward Greenberg
    Pages 144-159

  11. Concluding Remarks

    • Piero Ferri, Edward Greenberg
    Pages 160-167

  12. Back Matter

    Pages 168-187
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Keywords

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.

Authors and Affiliations

  • University of Bergamo, Bergamo, Italy

    Piero Ferri

  • Department of Economics, Washington University, St. Louis, USA

    Edward Greenberg

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