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This note outlines and discusses some of the strands in the post-Keynesian literature on business cycles. Most post-Keynesians have focused on endogenously generated cycles, but the mechanism varies: some focus on the goods market, others on financial markets, the labor market, or political intervention. The merits of formal modeling of the cycles have
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On the Minskyan Business Cycle [PDF]
Minsky’s seminal contribution was to underscore the importance of speculation in economic activity. Emphasizing that a firm’s investment decision is inherently a speculative one, he reintroduced asset prices into the Keynesian theory of investment. Any decision to acquire real capital assets, as he was keen to emphasize, bequeathes the firm a certain ...
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Journal of the American Statistical Association, 1930
(1930). Is There a Business Cycle? Journal of the American Statistical Association: Vol. 25, No. 170, pp. 207-209.
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(1930). Is There a Business Cycle? Journal of the American Statistical Association: Vol. 25, No. 170, pp. 207-209.
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Journal of Political Economy, 1983
In this paper we demonstrate how certain very ordinary economic principles lead maximizing individuals to choose consumption-production plans that display many of the characteristics commonly associated with business cycles. Our explanation is entirely consistent with (i) rational expectations, (ii) complete current information, (iii) stable ...
Long, John B, Jr, Plosser, Charles I
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In this paper we demonstrate how certain very ordinary economic principles lead maximizing individuals to choose consumption-production plans that display many of the characteristics commonly associated with business cycles. Our explanation is entirely consistent with (i) rational expectations, (ii) complete current information, (iii) stable ...
Long, John B, Jr, Plosser, Charles I
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Abstract We construct monthly economic activity indices for the 50 largest U.S. metropolitan statistical areas (MSAs) beginning in 1990. Each index is derived from a dynamic factor model based on twelve underlying variables capturing various aspects of metro area economic activity.
Arias, Maria A. +2 more
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SSRN Electronic Journal, 2015
We find that, when estimated, a two sector computable dynamic stochastic general equilibrium open economy model of the U.S. that formally admits energy into the production process can generate plausible parameter values that can be applied to deal with a broad range of economic issues. As a benchmark, we require that the model fits the data for output,
Meenagh, David +2 more
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We find that, when estimated, a two sector computable dynamic stochastic general equilibrium open economy model of the U.S. that formally admits energy into the production process can generate plausible parameter values that can be applied to deal with a broad range of economic issues. As a benchmark, we require that the model fits the data for output,
Meenagh, David +2 more
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Is there a business cycle in Singapore? Is there a Singaporean business cycle?
Atlantic Economic Journal, 1997This paper explores the existence and examines the characteristics, if any, of business cycles in Singapore. Specifically, the authors ask: Is there a business cycle in Singapore? Is there a Singaporean business cycle? Unlike earlier studies, this paper investigates whether or not there exists a business cycle in Singapore and employs cross-spectral ...
Nadal De Simone, F.D.A., Tongzon, J.L.
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Carnegie-Rochester Conference Series on Public Policy, 1977
Why is it that, in capitalist economies, aggregate variables undergo repeated fluctuations about trend, all of essentially the same character? Prior to Keynes’ General Theory, the resolution of this question was regarded as one of the main outstanding challenges to economic research, and attempts to meet this challenge were called business cycle theory.
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Why is it that, in capitalist economies, aggregate variables undergo repeated fluctuations about trend, all of essentially the same character? Prior to Keynes’ General Theory, the resolution of this question was regarded as one of the main outstanding challenges to economic research, and attempts to meet this challenge were called business cycle theory.
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Forecasting the Business Cycle
International Journal of Forecasting, 2014Ferrara, L, van Dijk, Dick
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