Overview
Three original models which explain business cycles as a result of self-fulfilling expectations are presented. The models are founded on the structure of dynamic general equilibrium theory. Market power and increasing returns to scale are introduced which allow indeterminancy of the Rational Expectations equilibria to be obtained. Unlike the majority of existing literature on this subject, the departures from perfect markets and constant returns presented in these models are very low and, more importantly, at a realistic level to achieve the respective results. It is demonstrated in all of the presented models that stylized facts of the business cycle can be reproduced.The book, Business Cycle Models with Indeterminacy (Contributions to Economics) [Bulk, Wholesale, Quantity] ISBN#9783790810783 in Paperback by Mark Weder may be ordered in bulk quantities. Minimum starts at 25 copies. Availability based on publisher status and quantity being ordered.
Details
Format:
Paperback
Publication Date:
01/19/1998
ISBN-13:
9783790810783
Pages:
179
Publisher:
Physica-Verlag HD
