Business Cycle Theory

Paperback | August 1, 2002

byLutz G. Arnold

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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 academics and graduate students of economics with a compact and accessible exposition of business cycletheory since Keynes. The author places the main theories -- Keynesian economics, monetarism, new classical economics, the real business cycles theory, and new Keynesian economics -- in an historical context by presenting them in the chronological order of their appearance and highlighting their differences andcommonalities. He minimizes the necessary mathematical prerequisites by using a unifying mathematical approach: stochastic second-order difference equations, which is explained in detail. Throughout the book, the international dimension of business cycles is acknowledged. The theoretical resultsobtained 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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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 academics and graduate students of economics with a compact and accessible exposition of business cycletheory since Keynes. The author places the ma...

Lutz G. Arnold has been Professor of Economics at the University of Regensburg since May 2001, at which time he was the youngest professor of economics in Germany. He received his Ph.D. from the University of Dortmund and was awarded the EEA Young Economist Award 2000 for his work on growth and international trade. His current researc...
Format:PaperbackDimensions:176 pages, 9.21 × 6.14 × 0.54 inPublished:August 1, 2002Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199256829

ISBN - 13:9780199256822

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Table of Contents

1. Introduction2. Keynesian Economics3. Monetarism4. New Classical Economics5. Real Business Cycle6. New Keynesian Economics7. Lessons About Business CyclesAppendix 1. Stochastic Second-Order Difference EquationsAppendix 2. The Over-Investment TheoryAppendix 3. Goodwinian Model