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Author: Hajime Hori Publisher: Springer ISBN: 9811030812 Category : Business & Economics Languages : en Pages : 150
Book Description
This monograph is devoted to the analysis of the dynamics of business cycles and stabilization policies. The analysis is conducted in models of the AS-AD type, focusing on involuntary unemployment and capital accumulation. Major conclusions are the following. (1) Sectoral imbalances, once emphasized by such business-cycle theorists as K. Marx, A. Spiethoff, and F.A. Hayek, are rectified in finite time by competitive investment allocation, leaving aggregate variables as the main variables of business cycle dynamics. (2) The chronology of events during a cycle is established, which resolves the so-called real wage puzzle. (3) Owing to the crowding-out effect on investment, fiscal stabilization policies can destabilize the business cycle dynamics if implemented too intensively. (4) If coordinated properly, monetary stabilization policies can remove the destabilizing tendency of fiscal stabilization policies.
Author: Patrick J. Conway Publisher: Springer Science & Business Media ISBN: 9780792372288 Category : Business & Economics Languages : en Pages : 392
Book Description
These various perspectives are combined to illuminate the fundamental policy difficulties in achieving desirable macroeconomic outcomes in economies saddled with the economic and political legacies of the Soviet Union."--BOOK JACKET.