Universitext

Business Cycle Theory

A Survey of Methods and Concepts

Authors: Gabisch, Günter, Lorenz, Hans-Walter

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About this Textbook

"Is the business cycle obsolete?" This often cited title of a book edited by Bronfenbren­ ner with the implicit affirmation of the question reflected the attitude of mainstream macroeconomics in the 1960s regarding the empirical relevance of cyclic motions of an economy. The successful income policies, theoretically grounded in Keynesian macroec­ onomics, seemed to have eased or even abolished the fluctuations in Western economies which motivated studies of many classical and neoclassical economists for more than 100 years. The reasoning behind the conviction that business cycles would increasingly be­ come irrelevant was rather simple: if an economy fluctuates for whatever reason, then it is almost always possible to neutralize these cyclic motions by means of anticyclic demand policies. From the 1950s until the mid-1960s business cycle theory had often been consid­ ered either as an appendix to growth theory or as an academic exercise in dynamical economics. The common business cycle models were essentially multiplier-accelerator models whose dependence on particular parameter values (in order to exhibit oscillatory motion) suggested a rather improbable occurrence of persistent fluctuations. The obvi­ ous success in compensating business cycles in those days prevented intensive concern with the occurrence of cycles. Rather, business cycle theory turned into stabilization theory which investigated theoretical possibilities of stabilizing a fluctuating economy. Many macroeconomic textbooks appeared in the 1960s which consequently identified business cycle theory with inquiries on the possibilities to stabilize economies by means of active fiscal or monetary policies.

Table of contents (3 chapters)

Table of contents (3 chapters)

Buy this book

eBook $79.99
price for USA in USD (gross)
  • ISBN 978-3-642-74715-1
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $99.99
price for USA in USD
  • ISBN 978-3-540-51059-8
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Business Cycle Theory
Book Subtitle
A Survey of Methods and Concepts
Authors
Series Title
Universitext
Copyright
1989
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin Heidelberg
eBook ISBN
978-3-642-74715-1
DOI
10.1007/978-3-642-74715-1
Softcover ISBN
978-3-540-51059-8
Series ISSN
0172-5939
Edition Number
2
Number of Pages
IX, 250
Number of Illustrations
8 b/w illustrations
Additional Information
Originally published 1987 as Vol. 283 of the series: Lecture Notes in Economics and Mathematical Systems
Topics