The Theory of Money and Financial Institutions

The Theory of Money and Financial Institutions
Author: Martin Shubik
Publisher: MIT Press
Total Pages: 472
Release: 1999
Genre: Business & Economics
ISBN: 9780262693110

This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

Hysteresis and Business Cycles

Hysteresis and Business Cycles
Author: Ms.Valerie Cerra
Publisher: International Monetary Fund
Total Pages: 50
Release: 2020-05-29
Genre: Business & Economics
ISBN: 1513536990

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Business Cycles

Business Cycles
Author: Victor Zarnowitz
Publisher: University of Chicago Press
Total Pages: 613
Release: 2007-11-01
Genre: Business & Economics
ISBN: 0226978923

This volume presents the most complete collection available of the work of Victor Zarnowitz, a leader in the study of business cycles, growth, inflation, and forecasting.. With characteristic insight, Zarnowitz examines theories of the business cycle, including Keynesian and monetary theories and more recent rational expectation and real business cycle theories. He also measures trends and cycles in economic activity; evaluates the performance of leading indicators and their composite measures; surveys forecasting tools and performance of business and academic economists; discusses historical changes in the nature and sources of business cycles; and analyzes how successfully forecasting firms and economists predict such key economic variables as interest rates and inflation.

Endogenous Growth, Market Failures and Economic Policy

Endogenous Growth, Market Failures and Economic Policy
Author: Martin Zagler
Publisher: Springer
Total Pages: 208
Release: 1999-03-15
Genre: Business & Economics
ISBN: 1349271292

Endogenous Growth, Market Failures and Economic Policy develops, within a rigorous formal framework, innovative and unconventional macroeconomic policy perspectives that can be deduced from the New Growth Theory in the presence of market imperfections, adopting the standard structure of fiscal, monetary and trade policy for the book. For instance, the introduction of monopolistic competition leads to positive growth effects of fiscal policy as well as protection of infant industries.

Growth and Economic Development

Growth and Economic Development
Author: Philip Arestis
Publisher: Edward Elgar Publishing
Total Pages: 0
Release: 2006
Genre: Development economics
ISBN: 9781843768784

Bearing testimony to AP Thirlwall's substantial contribution to economics over the years, this book demonstrates the considerable influence that his work on economic theory has had on his contemporaries, and the profession as a whole. It covers a range of topics including 'Thirlwall's Law', endogenous growth theory, and others.

Business Cycles and Depressions

Business Cycles and Depressions
Author: David Glasner
Publisher: Routledge
Total Pages: 800
Release: 2013-12-16
Genre: Business & Economics
ISBN: 1136545271

Experts define, review, and evaluate economic fluctuations Economic and business uncertainty dominate today's economic analyses. This new Encyclopedia illuminates the subject by offering 323 original articles on every major aspect of business cycles, fluctuations, financial crises, recessions, and depressions. The work of more than 200 experts, including many of the leading researchers in the field, the articles cover a broad range of subjects, including capsule biographies of leading economists born before 1920. Individual entries explore banking panics, the cobweb cycle, consumer durables, the depression of 1937-1938, Otto Eckstein, Friedrich Engels, experimental price bubbles, forced savings, lass-Steagall Act, Friedrich hagen, qualitative indicators, use of macro-econometric models, monetary neutrality, Phillips Curve, Paul Samuelson, Say's law, supply-side recessions, James Tokin, trend and random wages, Thorstein Veblen, worker-job turnover, and more.

Handbook on the History of Economic Analysis Volume III

Handbook on the History of Economic Analysis Volume III
Author: Gilbert Faccarello
Publisher: Edward Elgar Publishing
Total Pages: 660
Release: 2016-07-27
Genre: Business & Economics
ISBN: 1785365061

This unique troika of Handbooks provides indispensable coverage of the history of economic analysis. Edited by two of the foremost academics in the field, the volumes gather together insightful and original contributions from scholars across the world. The encyclopaedic breadth and scope of the original entries will make these Handbooks an invaluable source of knowledge for all serious students and scholars of the history of economic thought.

Economic Growth, second edition

Economic Growth, second edition
Author: Robert J. Barro
Publisher: MIT Press
Total Pages: 676
Release: 2003-10-10
Genre: Business & Economics
ISBN: 9780262025539

The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000.