Business Cycles and Financial Crises - A. W. Mullineux

A. W. Mullineux Business Cycles and Financial Crises Download free ebooks at bookboon.com 2 Business Cycles and Financial Crises © 2011 A. W. Mullineux & Ventus Publishing ApS ISBN 978-87-7681-885-2 Download free ebooks at bookboon.com 3 Business Cycles and Financial Crises Contents Contents Preface 6 1 The Nature of the Business Cycle 7 1.1 Definitions 7 1.2 The Monte Carlo Hypothesis 11 1.3 Are Business Cycles Symmetric? 18 1.4 The Frisch-Slutsky Hypothesis 23 1.5 Has the Business Cycle Changed Since 1945? 33 Notes 38 2 Business Cycle Theory 41 2.1 Introduction 41 2.2 Equilibrium Business Cycle (EBC) Modelling 48 2.3 Nonlinear Cycle Theory 56 Notes 61 3 The Financial Instability Hypothesis 63 3.1 Introduction 63 3.2 The Role of Money and Credit in Pre-Keynesian Business Cycle Literature 64 3.3 The Financial Instability Hypothesis (FIH) 71 The next step for top-performing graduates Masters in Management Designed for high-achieving graduates across all disciplines, London Business School’s Masters in Management provides specific and tangible foundations for a successful career in business. This 12-month, full-time programme is a business qualification with impact. In 2010, our MiM employment rate was 95% within 3 months of graduation*; the majority of graduates choosing to work in consulting or financial services. As well as a renowned qualification from a world-class business school, you also gain access to the School’s network of more than 34,000 global alumni – a community that offers support and opportunities throughout your career. For more information visit www.london.edu/mm, email mim@london.edu or give us a call on +44 (0)20 7000 7573. * Figures taken from London Business School’s Masters in Management 2010 employment report Download free ebooks at bookboon.com 4 Business Cycles and Financial Crises Contents 3.4 Rational Speculative Bubbles 88 3.5 Conclusion 96 Notes 98 4 Towards a Theory of Dynamic Economic Development 101 4.1 A Brief Overview of Cycle Modelling 101 4.2 Schumpeter on Economic Evolution 104 4.3 The Long Swing Hypothesis and the Growth Trend 108 4.4 Shackle on the Business Cycle 116 4.5 Goodwin’s Macrodynamics 120 4.6 Concluding Remarks 124 Notes 126 5 The Unfinished Research Agenda 128 Notes 133 References Teach with the Best. Learn with the Best. Agilent offers a wide variety of affordable, industry-leading electronic test equipment as well as knowledge-rich, on-line resources —for professors and students. We have 100’s of comprehensive web-based teaching tools, lab experiments, application notes, brochures, DVDs/ CDs, posters, and more. © Agilent Technologies, Inc. 2012 134 See what Agilent can do for you. www.agilent.com/find/EDUstudents www.agilent.com/find/EDUeducators u.s. 1-800-829-4444 canada: 1-877-894-4414 Download free ebooks at bookboon.com 5 ... - tailieumienphi.vn