Frontiers of Business Cycle Research by Thomas F. CooleyFrontiers of Business Cycle Research by Thomas F. Cooley

Frontiers of Business Cycle Research

EditorThomas F. Cooley

Hardcover | February 26, 1995

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Among the most revolutionary and productive areas of economic research over the last two decades, modern business cycle theory is finally made accessible to students and professionals in this rigorous, unified, introductory volume. This theory starts with the view that growth and fluctuations are not distinct phenomena to be studied separately--and that business cycles result from shocks (such as the availability of new technologies), which regularly affect most economies. The unifying theme of this book is the use of the neoclassical growth framework to study the economic fluctuations associated with the business cycle. Presenting recent advances in dynamic economic theory and computational methods--with emphasis on the construction of equilibrium paths for simple artificial economies--leading experts orient readers in the quantitative study of aggregate fluctuations and apply its concepts to key issues in macroeconomics and business cycle theory.


This volume covers such issues as the aggregate labor market, the role of the household sector, the role of money, the behavior of asset markets, non-Walrasian economies, monopolistically competitive economies, international business cycles, and the design of economic policies. The contributors are David Backus, V. V. Chari, Lawrence Christiano, Thomas F. Cooley, Jean-Pierre Danthine, John Donaldson, Jeremy Greenwood, Gary D. Hansen, Patrick Kehoe, Finn Kydland, Edward C. Prescott, Richard Rogerson, Julio Rotemberg, Geert Rouwenhorst, José-Víctor Ríos-Rull, Michael Woodford, and Randall Wright.

Thomas F. Cooley is Fred H. Gowen Professor of Economics at the Simon School of Business and Professor of Economics at the University of Rochester.
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Title:Frontiers of Business Cycle ResearchFormat:HardcoverDimensions:440 pagesPublished:February 26, 1995Publisher:Princeton University Press

The following ISBNs are associated with this title:

ISBN - 10:069104323X

ISBN - 13:9780691043234

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Table of Contents

List of Illustrations

List of Tables

Preface

Contributors

1 Economic Growth and Business Cycles 1

2 Recursive Methods for Computing Equilibria of Business Cycle Models 39

3 Computing Equilibria of Nonoptimal Economies 65

4 Models with Heterogeneous Agents 98

5 Business Cycles and Aggregate Labor Market Fluctuations 126

6 Household Production in Real Business Cycle Theory 157

7 Money and the Business Cycle 175

8 Non-Walrasian Economies 217

9 Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets 243

10 Asset Pricing Implications of Equilibrium Business Cycle Models 294

11 International Business Cycles: Theory and Evidence 331

12 Policy Analysis in Business Cycle Models 357

Bibliography 393

Author Index 413

Subject Index 417


From Our Editors

Among the most revolutionary and productive areas of economic research over the last two decades, modern business cycle theory is finally made accessible to students and professionals in this rigorous, unified, introductory volume. This theory starts with the view that growth and fluctuations are not distinct phenomena to be studied separately - and that business cycles result from shocks (such as the availability of new technologies), which regularly affect most economies. The unifying theme of this book is the use of the neoclassical growth framework to study the economic fluctuations associated with the business cycle. Presenting recent advances in dynamic economic theory and computational methods - with emphasis on the construction of equilibrium paths for simple artificial economies - leading experts orient readers in the quantitative study of aggregate fluctuations and apply its concepts to key issues in macroeconomics and business cycle theory.

Editorial Reviews

"This is an excellent book. It documents many achievements of the equilibrium approach to macroeconomics, and shows how it has been used to refine and interpret many empirical puzzles, and to reformulate practical policy issues. The authors of individual articles are leaders in developing and applying economic dynamics."-Thomas Sargent, Hoover Institution, Stanford University