Frontiers of Business Cycle Research

Description

Among the most revolutionary and productive areas of economic research over the last two decades, modern business cycle theory is finally made accessible to students and professionals in this rigorous, unified, introductory volume. This theory starts with the view that growth and fluctuations are not distinct phenomena to be studied separately - and that business cycles result from shocks (such as the availability of new technologies), which regularly affect most economies. The unifying theme of this book is the use of the neo-classical growth framework to study the economic fluctuations associated with the business cycle. Presenting recent advances in dynamic economic theory and computational methods - with emphasis on the construction of equilibrium paths for simple artificial economies - leading experts orient readers in the quantitative study of aggregate fluctuations and apply its concepts to key issues in macroeconomics and business cycle theory. This volume covers such issues as the aggregate labour market, the role of the household sector, the role of money, the behaviour of asset markets, non-Walrasian economies, monopolistically competitive economies, international busine

Thomas F. Cooley is Fred H. Gowen Professor of Economics at the Simon School of Business and Professor of Economics at the University of Rochester.

Frontiers of Business Cycle Research collects a number of papers that are standards on my graduate reading lists and some others that soon will be. It adds two lucid introductory papers, one by Thomas Cooley and Edward Prescott and another on computing by Gary Hansen and Prescott. The result is an excellent volume that will be invaluable to macroeconomic researchers and a stimulating introduction for graduate students. ert E. Lucas, Jr., The University of Chicago