Business Cycle Models with Indeterminacy:
Three original models which explain business cycles as a result of self-fulfilling expectations are presented. The models are founded on the structue of dynamic general equilibrium theory. Market power and increasing returns to scale are introduced which allow indeterminancy of the Rational Expectat...
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Heidelberg
Physica-Verlag HD
1998
|
| Edition: | 1st ed. 1998 |
| Series: | Contributions to Economics
|
| Subjects: | |
| Online Access: | BTU01 Volltext |
| Summary: | Three original models which explain business cycles as a result of self-fulfilling expectations are presented. The models are founded on the structue 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. The model is structured in the tradition of the Real Business Cycle approach to fluctuations. The time series of the stochastic version of the model act as a factor to measure success. However, shocks generally derive from demand disturbances (animal spirits) alone to produce these results. It is demonstrated in all of the presented models that stylized facts of the business cycle can be reproduced |
| Physical Description: | 1 Online-Ressource (X, 179 p) |
| ISBN: | 9783642470189 |
| DOI: | 10.1007/978-3-642-47018-9 |
Staff View
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| spelling | Weder, Mark Verfasser aut Business Cycle Models with Indeterminacy by Mark Weder 1st ed. 1998 Heidelberg Physica-Verlag HD 1998 1 Online-Ressource (X, 179 p) txt rdacontent c rdamedia cr rdacarrier Contributions to Economics Three original models which explain business cycles as a result of self-fulfilling expectations are presented. The models are founded on the structue 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. The model is structured in the tradition of the Real Business Cycle approach to fluctuations. The time series of the stochastic version of the model act as a factor to measure success. However, shocks generally derive from demand disturbances (animal spirits) alone to produce these results. It is demonstrated in all of the presented models that stylized facts of the business cycle can be reproduced Economic Theory/Quantitative Economics/Mathematical Methods Economic theory Konjunkturzyklus (DE-588)4032134-4 gnd rswk-swf Gleichgewichtsmodell (DE-588)4125214-7 gnd rswk-swf Self-fulfilling Prophecy (DE-588)4180912-9 gnd rswk-swf Konjunkturtheorie (DE-588)4125557-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Konjunkturzyklus (DE-588)4032134-4 s Gleichgewichtsmodell (DE-588)4125214-7 s DE-604 Konjunkturtheorie (DE-588)4125557-4 s Self-fulfilling Prophecy (DE-588)4180912-9 s Erscheint auch als Druck-Ausgabe 9783790810783 Erscheint auch als Druck-Ausgabe 9783642470196 https://doi.org/10.1007/978-3-642-47018-9 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Weder, Mark Business Cycle Models with Indeterminacy Economic Theory/Quantitative Economics/Mathematical Methods Economic theory Konjunkturzyklus (DE-588)4032134-4 gnd Gleichgewichtsmodell (DE-588)4125214-7 gnd Self-fulfilling Prophecy (DE-588)4180912-9 gnd Konjunkturtheorie (DE-588)4125557-4 gnd |
| subject_GND | (DE-588)4032134-4 (DE-588)4125214-7 (DE-588)4180912-9 (DE-588)4125557-4 (DE-588)4113937-9 |
| title | Business Cycle Models with Indeterminacy |
| title_auth | Business Cycle Models with Indeterminacy |
| title_exact_search | Business Cycle Models with Indeterminacy |
| title_exact_search_txtP | Business Cycle Models with Indeterminacy |
| title_full | Business Cycle Models with Indeterminacy by Mark Weder |
| title_fullStr | Business Cycle Models with Indeterminacy by Mark Weder |
| title_full_unstemmed | Business Cycle Models with Indeterminacy by Mark Weder |
| title_short | Business Cycle Models with Indeterminacy |
| title_sort | business cycle models with indeterminacy |
| topic | Economic Theory/Quantitative Economics/Mathematical Methods Economic theory Konjunkturzyklus (DE-588)4032134-4 gnd Gleichgewichtsmodell (DE-588)4125214-7 gnd Self-fulfilling Prophecy (DE-588)4180912-9 gnd Konjunkturtheorie (DE-588)4125557-4 gnd |
| topic_facet | Economic Theory/Quantitative Economics/Mathematical Methods Economic theory Konjunkturzyklus Gleichgewichtsmodell Self-fulfilling Prophecy Konjunkturtheorie Hochschulschrift |
| url | https://doi.org/10.1007/978-3-642-47018-9 |
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