Frontiers of Business Cycle Research

Published by Princeton University Press 1995

Frontiers of Business Cycle Research

Edited by: Thomas F. Cooley

https://doi.org/10.1515/9780691218052

Overview
Contents

About this book

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 neoclassical 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 labor market, the role of the household sector, the role of money, the behavior of asset markets, non-Walrasian economies, monopolistically competitive economies, international business cycles, and the design of economic policies. The contributors are David Backus, V. V. Chari, Lawrence Christiano, Thomas F. Cooley, Jean-Pierre Danthine, John Donaldson, Jeremy Greenwood, Gary D. Hansen, Patrick Kehoe, Finn Kydland, Edward C. Prescott, Richard Rogerson, Julio Rotemberg, Geert Rouwenhorst, José-Víctor Ríos-Rull, Michael Woodford, and Randall Wright.

Author / Editor information

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.

Reviews

"This is an excellent book. It documents many achievements of the equilibrium approach to macroeconomics, and shows how it has been used to refine and interpret many empirical puzzles, and to reformulate practical policy issues. The authors of individual articles are leaders in developing and applying economic dynamics."—Thomas Sargent, Hoover Institution, Stanford University

"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."—Robert E. Lucas, Jr., University of Chicago

"This book will be an essential reference for economists seeking to understand stochastic growth models."—John Campbell, Harvard

Topics

Frontmatter Publicly Available Download PDF	i
CONTENTS Publicly Available Download PDF	vii
ILLUSTRATIONS Publicly Available Download PDF	ix
TABLES Publicly Available Download PDF	xiii
PREFACE Publicly Available Download PDF	xv
CONTRIBUTORS Publicly Available Download PDF	xvii
1. Economic Growth and Business Cycles Thomas F. Cooley and Edward C. Prescott Requires Authentication Unlicensed Licensed Download PDF	1
2. Recursive Methods for Computing Equilibria of Business Cycle Models Gary D. Hansen and Edward C. Prescott Requires Authentication Unlicensed Licensed Download PDF	39
3. Computing Equilibria of Nonoptimal Economies Jean-Pierre Danthine and John B. Donaldson Requires Authentication Unlicensed Licensed Download PDF	65
4. Models with Heterogeneous Agents Jose-Victor Rios-Rull Requires Authentication Unlicensed Licensed Download PDF	98
5. Business Cycles and Aggregate Labor Market Fluctuations Finn E. Kydland Requires Authentication Unlicensed Licensed Download PDF	126
6. Household Production in Real Business Cycle Theory Jeremy Greenwood, Richard Rogerson and Randall Wright Requires Authentication Unlicensed Licensed Download PDF	157
7 Money and the Business Cycle Thomas F. Cooley and Gary D. Hansen Requires Authentication Unlicensed Licensed Download PDF	175
8 Non-Walrasian Economies Jean-Pierre Danthine and John B. Donaldson Requires Authentication Unlicensed Licensed Download PDF	217
9 Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets Julio J. Rotemberg and Michael Woodford Requires Authentication Unlicensed Licensed Download PDF	243
10 Asset Pricing Implications of Equilibrium Business Cycle Models K. Geert Rouwenhorst Requires Authentication Unlicensed Licensed Download PDF	294
11 International Business Cycles: Theory and Evidence David K. Backus, Patrick J. Kehoe and Finn E. Kydtand Requires Authentication Unlicensed Licensed Download PDF	331
12 Policy Analysis in Business Cycle Models V. V. Chari, Lawrence J. Christiano and Patrick J. Kehoe Requires Authentication Unlicensed Licensed Download PDF	357
BIBLIOGRAPHY Requires Authentication Unlicensed Licensed Download PDF	393
AUTHOR INDEX Requires Authentication Unlicensed Licensed Download PDF	413
SUBJECT INDEX Requires Authentication Unlicensed Licensed Download PDF	417