Business Cycle Dynamics and Stabilization Policies

A Keynesian Approach

Hajime Hori author

Format:Paperback

Publisher:Springer Verlag, Singapore

Published:29th Jul '18

Currently unavailable, and unfortunately no date known when it will be back

Business Cycle Dynamics and Stabilization Policies cover

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.

ISBN: 9789811097843

Dimensions: unknown

Weight: 454g

142 pages

Softcover reprint of the original 1st ed. 2017