The Labor Market and Business Cycle Theories
Interest in business cycles has had its 'ups and downs'. After a period of almost steady state growth and of economic tranquility, when the business cycle seemed to be obsolete, the turbulence of the 70s and 80s has contributedto a renewed interest in the topic. Important analytical and me...
| Main Authors: | , |
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| Format: | eBook |
| Language: | English |
| Published: |
Berlin, Heidelberg
Springer Berlin Heidelberg
1989, 1989
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| Edition: | 1st ed. 1989 |
| Series: | Lecture Notes in Economics and Mathematical Systems
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| Subjects: | |
| Online Access: | |
| Collection: | Springer Book Archives -2004 - Collection details see MPG.ReNa |
Table of Contents:
- 5. A Nonlinear Model of Wage-Price Determination
- 6. The Nonneutrality Hypothesis
- 7. An Extension of the Piecewise Linear Model
- 8. The Impact of Unemployment
- 9. Final Remarks
- Ten: Concluding Remarks
- 6. A Synoptic View
- 7. Short-Run Models
- 8. The Peculiar Nature of the Labor Market
- Four: Nonlinear Deterministic Labor Market Theories of Business Cycles
- 1. The Missing Equation
- 2. Nonlinearities and the Labor Market
- 3. A Nonlinear Wage Equation
- 4. The Limit Cycle
- 5. A Classical Nonlinear Model
- 6. The Structural Instability Problem
- 7. An Extension
- 8. A Neo-Classical Disequilibrium Approach
- 9. Concluding Remarks
- Five: The Mathematics of Nonlinearity
- 1. Old and New Tools of Analysis
- 2. The Econometrics of Nonlinearities
- 3. Piecewise Linear Analyses
- 4. The New Nonlinear Techniques
- 5. The Hopf Bifurcation
- 6. An Example
- 7. Chaotic Behavior
- 8. A Definition of Chaos
- 9. A Simulation Exercise
- 10. Some Final Remarks
- Six: The Labor Market and Stochastic Theories of Business Cycles
- 1.Microfoundations and Stochastic Theories
- 2. Criteria for a Taxonomy
- 3 Endogenous and Exogenous Explanations
- 4. Lucas’s Contribution
- 5. The Labor Market, Market Clearing, and Rational Expectations
- 6. Business Cycles in Equilibrium Models
- 7. An Equilibrium Labor Market Cycle
- 8. Information, Rationality and Uncertainty
- Seven: Wage-Price Spirals
- 1. Instability in an Intermediate-Run Approach
- 2. Real Versus Nominal Wages
- 3. Staggered Contracts
- 4. Blanchard’s Contribution
- 5. Meade’s Contribution
- 6. Nonlinearities and Feedbacks
- Eight: A Regime Switching Model
- 1. A Three-Level Analysis of Wages
- 2. The Regime Switching Hypothesis
- 3. The Nature of Discontinuity
- 4. The Economics of Regime Switching
- 5. The Wage-Price Submodel
- 6. The Employment Subsystem
- 7. Exogenous Real Investment and Government Expenditures
- 8. Exogeneity in Nominal Values
- 9. A Simulation Exercise
- Nine: Some Critical Aspects
- 1. Different Strategies
- 2. Benassy’s Model
- 3. A Limit Cycle in Wages and Employment
- 4. A Criticism
- One: Introduction
- 1. Scope and Objectives
- 2. The Revival of Business Cycle Theories
- 3. An Historical Outline
- 4. Nonlinearities and Business Cycles
- 5. Recent Business Cycle Research
- 6. The Strategic Role of the Labor Market
- 7. Plan of the Book
- Two: The Labor Market, Business Cycles and Economic Instability
- 1. The Labor Market and Business Cycle Theory
- 2. “Stylized Patterns” in Wages and Unemployment
- 3. The Dimensionality of the Wage-Price Subsystem
- 4. The Wage-Price Spiral and Business Cycles
- 5. The Regime Switching Approach
- 6. The Relevance of Institutional Elements
- 7. The Impact on Cycles
- 8. Historical Paradigms
- 9. The Role of Monetary Factors
- Three: The Analytical Role of the Labor Market in Long-and Short-Run Models
- 1. Labor Market and Theoretical Paradigms
- 2. A Common Background for Long-Run Models
- 3. The Neo-Marxian Approach
- 4. The Neo-Keynesian Approach
- 5. The Neo-Classical Approach