Three original models which explain business cycles as a result of self-fulfilling expectations are presented. The models are founded on the structure 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. It is demonstrated in all of the presented models that stylized facts of the business cycle can be reproduced.
| ISBN: | 9783790810783 |
| Publication date: | 19th January 1998 |
| Author: | Mark Weder |
| Publisher: | Physica an imprint of Physica-Verlag HD |
| Format: | Paperback |
| Pagination: | 179 pages |
| Series: | Contributions to Economics |
| Genres: |
Economic theory and philosophy |
Three original models which explain business cycles as a result of self-fulfilling expectations are presented. The models are founded on the structure 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. It is demonstrated in all of the presented models that stylized facts of the business cycle can be reproduced.
Business Cycle Models With Indeterminacy features in the following genres: Economic theory and philosophy
Business Cycle Models With Indeterminacy is available in Paperback
Business Cycle Models With Indeterminacy was written by Mark Weder and published by Physica an imprint of Physica-Verlag HD
Business Cycle Models With Indeterminacy has 179 pages
Yes it is part of Contributions to Economics series