Business cycle theory / Lutz G. Arnold

Livre

Arnold, Lutz G.. Auteur

Edited by Oxford University Press - 2002

Business Cycle Theory is a broad and disparate field. Different schools of thought offer alternative explanations for cycles, often using different mathematical methods. This book provides academic and graduate students of economics with a compact and accessible exposition of business cycle theories since Keynes. The author places the main theories - Keynesian economics, monetarism, new classical economics, the real business cycle theory, and new Keynesian economics - in an historical context by presenting them in the chronological order of their appearance and highlighting thier differences and commonalities. He minimizes the necessary mathematical prerequisites by using a unifying mathematical approach : stochastic second-order difference equations, which are explained in detail. Throughout the book, the international dimensions of business cycles are acknowledged. The theoretical results obtained are set alongside empirical facts in separate boxes. Each chapter finishes with a set of problems designed to deepen the reader's understanding of the theories presented, and further reading sections which provide access to related material.

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