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Business Cultures in Europe
by William Brierley Colin Gordon Kevin Bruton Peter KingMajor changes which have occurred since this book was first published have been included in this edition. In particular, the chapter on Germany has been substantially revised and now includes a separate section on easter Germany. The other five countries covered in the book have also witnessed changes in their business culture and these have been taken into consideration. This book examines the background to business practice in Europe of six major countries: Germany, France, Italy, the UK, Spain and the Netherlands. Each chapter tracks the commercial development of that country in the late 1970s, 1980s and early 1990s, focusing on the business environment, special features affecting business, and the response to the EC's single market. The business culture section in each is divided further into business and government, business and the economy, business and the law, business and finance, business and the labour market, business and trade unions and business training, education and development. The test is organized in such a manner to enable cross-referencing between countries, and maps have been included in the new edition.
Business Cultures in Europe
by William Brierley Colin Gordon Kevin Bruton Peter KingMajor changes which have occurred since this book was first published have been included in this edition. In particular, the chapter on Germany has been substantially revised and now includes a separate section on easter Germany. The other five countries covered in the book have also witnessed changes in their business culture and these have been taken into consideration. This book examines the background to business practice in Europe of six major countries: Germany, France, Italy, the UK, Spain and the Netherlands. Each chapter tracks the commercial development of that country in the late 1970s, 1980s and early 1990s, focusing on the business environment, special features affecting business, and the response to the EC's single market. The business culture section in each is divided further into business and government, business and the economy, business and the law, business and finance, business and the labour market, business and trade unions and business training, education and development. The test is organized in such a manner to enable cross-referencing between countries, and maps have been included in the new edition.
The Business Cycle: Proceedings of the Sixteenth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis
by Michelle R. Garfinkel Michael T. BelongiaThese proceedings, from a conference held at the Federal Reserve Bank of St. Louis on October 17-18, 1991, attempted to layout what we currently know about aggregate economic fluctuations. Identifying what we know inevitably reveals what we do not know about such fluctuations as well. From the vantage point of where the conference's participants view our current understanding to be, these proceedings can be seen as suggesting an agenda for further research. The conference was divided into five sections. It began with the formu lation of an empirical definition of the "business cycle" and a recitation of the stylized facts that must be explained by any theory that purports to capture the business cycle's essence. After outlining the historical develop ment and key features of the current "theories" of business cycles, the conference evaluated these theories on the basis of their ability to explain the facts. Included in this evaluation was a discussion of whether (and how) the competing theories could be distinguished empirically. The conference then examined the implications for policy of what is known and not known about business cycles. A panel discussion closed the conference, high lighting important unresolved theoretical and empirical issues that should be taken up in future business cycle research. What Is a Business Cycle? Before gaining a genuine understanding of business cycles, economists must agree and be clear about what they mean when they refer to the cycle.
The Business Cycle: Growth and Crisis under Capitalism
by Howard J. ShermanAre the recurring recessions of the capitalist world merely short-term adjustments to changing economic circumstances in a system that tends, in general, toward equilibrium? In this accessible study of the business cycle, Howard Sherman makes a powerful case that recessions and painful involuntary unemployment are endogenous to capitalism. Drawing especially on the work of Wesley Clair Mitchell, Karl Marx, and John M. Keynes, Sherman explains why the nature of the business cycle produces serious economic loss and misery during its contraction phase, just as it produces growth in its expansion phase.Originally published in 1991.The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Business Cycle Dynamics: Models and Tools
by Iryna SushkoBusiness cycle theory has been one of the fastest growing fields in modern nonlinear economic dynamics. This book presents new mathematical methods for global analysis which have not previously been available in this easily accessible form. In addition it contains a presentation of full analyses of several models left open in the 1950s when the tools then available did not permit more systematic analysis.
Business Cycle Dynamics and Stabilization Policies: A Keynesian Approach (Advances in Japanese Business and Economics #15)
by Hajime HoriThis monograph is devoted to the analysis of the dynamics of business cycles and stabilization policies. The analysis is conducted in models of the AS-AD type, focusing on involuntary unemployment and capital accumulation. Major conclusions are the following. (1) Sectoral imbalances, once emphasized by such business-cycle theorists as K. Marx, A. Spiethoff, and F.A. Hayek, are rectified in finite time by competitive investment allocation, leaving aggregate variables as the main variables of business cycle dynamics. (2) The chronology of events during a cycle is established, which resolves the so-called real wage puzzle. (3) Owing to the crowding-out effect on investment, fiscal stabilization policies can destabilize the business cycle dynamics if implemented too intensively. (4) If coordinated properly, monetary stabilization policies can remove the destabilizing tendency of fiscal stabilization policies.
Business Cycle Economics: Understanding Recessions and Depressions from Boom to Bust
by Todd A. KnoopPresents the empirical data of business cycles and the theories that economists have developed to explain and prevent them, and considers case studies of recessions and depressions in the United States and internationally.Despite more than two centuries of debate, a definitive explanation of the causes of economic cycles still does not exist. Economists, politicians, and policymakers have argued many well-known theories as to why these peaks and slumps occur, and cyclical recessions and depressions continue in spite of the enormous intellectual reserves working to prevent them. This timely analysis presents a comprehensive overview of global economics, assessing older theories alongside of new ways of thinking to reveal the empirical methods needed to evaluate, forecast, and prevent future crises.Educator and economist Todd Knoop provides explanations of influential macroeconomic theories that have shaped modern economics, such as Keynesian economics, Neoclassical economics, Austrian economics, and New Keynesian economics. In addition, he considers case studies of specific recessions and depressions, beginning with the Great Depression through the East Asian crisis and Great Recession in Japan and culminating with a detailed examination of the European debt crisis and the 2008 global financial crisis. The work concludes with a look at the insights gained from these fiscal events as well as the major questions that still remain unanswered as a result of these crises.
Business Cycle Economics: Understanding Recessions and Depressions from Boom to Bust
by Todd A. KnoopPresents the empirical data of business cycles and the theories that economists have developed to explain and prevent them, and considers case studies of recessions and depressions in the United States and internationally.Despite more than two centuries of debate, a definitive explanation of the causes of economic cycles still does not exist. Economists, politicians, and policymakers have argued many well-known theories as to why these peaks and slumps occur, and cyclical recessions and depressions continue in spite of the enormous intellectual reserves working to prevent them. This timely analysis presents a comprehensive overview of global economics, assessing older theories alongside of new ways of thinking to reveal the empirical methods needed to evaluate, forecast, and prevent future crises.Educator and economist Todd Knoop provides explanations of influential macroeconomic theories that have shaped modern economics, such as Keynesian economics, Neoclassical economics, Austrian economics, and New Keynesian economics. In addition, he considers case studies of specific recessions and depressions, beginning with the Great Depression through the East Asian crisis and Great Recession in Japan and culminating with a detailed examination of the European debt crisis and the 2008 global financial crisis. The work concludes with a look at the insights gained from these fiscal events as well as the major questions that still remain unanswered as a result of these crises.
Business Cycle Models with Indeterminacy (Contributions to Economics)
by Mark WederThree 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.
Business Cycle Synchronisation and Economic Integration: New Evidence from the EU (ZEW Economic Studies #45)
by Marcus Kappler Andreas SachsThis book offers the reader a state-of-the-art overview on theory and empirics of business cycle synchronisation, structural reform and economic integration. Focusing on the ongoing integration process in the euro area and the EU, it analyses the integration process that has taken place since the 1980s and which is marked by the advent of the euro and the substantial enlargement that resulted from the accession of 12 new Member States in East and Southern Europe.
Business Cycle Theory: A Survey of Methods and Concepts (Lecture Notes in Economics and Mathematical Systems #283)
by Günter Gabisch Hans-Walter Lorenz"Is the business cycle obsolete?" This often cited title of a book edited by Bronfenbren ner with the implicit affirmation of the question reflected the attitude of mainstream macroeconomics in the Sixties regarding the empirical relevance of cyclic motions of an economy. The successful income policies, theoretically grounded in Keynesian macroec onomics, seemed to have eased or even abolished the fluctuations in West,ern economies which motivated studies of many classical and neoclassical economists for more than 100 years. The reasoning behind the conviction that business cycles would increasingly become irrelevant was rather simple: if an economy fluctuates for whatever reason, then it is almost always possible to neutralize these cyclic motions by means of anti-cyclic demand policies. From the 1950's until the mid-Sixties business cycle theory had often been consid ered either as an appendix to growth theory or as an academic exercise in dynamical economics. The common business cycle models were essentially multiplier-accelerator models whose sensitive dependence on parameter values (in order to be called busi ness cycle models) suggested a rather improbable occurrence of continuing oscillations. The obvious success in compensating business cycles in those days prevented intensive concern with the occurrence of cycles. Rather, business cycle theory turned into sta bilization theory which investigated theoretical possibilities of stabilizing a fluctuating economy. Many macroeconomic textbooks appeared in the Sixties which consequently identified business cycle theory with inquiries on the possibilities to stabilize economies 2 Introduction by means of active fiscal or monetary policies.
Business Cycle Theory: A Survey of Methods and Concepts (Universitext)
by Günter Gabisch Hans-Walter Lorenz"Is the business cycle obsolete?" This often cited title of a book edited by Bronfenbren ner with the implicit affirmation of the question reflected the attitude of mainstream macroeconomics in the 1960s regarding the empirical relevance of cyclic motions of an economy. The successful income policies, theoretically grounded in Keynesian macroec onomics, seemed to have eased or even abolished the fluctuations in Western economies which motivated studies of many classical and neoclassical economists for more than 100 years. The reasoning behind the conviction that business cycles would increasingly be come irrelevant was rather simple: if an economy fluctuates for whatever reason, then it is almost always possible to neutralize these cyclic motions by means of anticyclic demand policies. From the 1950s until the mid-1960s business cycle theory had often been consid ered either as an appendix to growth theory or as an academic exercise in dynamical economics. The common business cycle models were essentially multiplier-accelerator models whose dependence on particular parameter values (in order to exhibit oscillatory motion) suggested a rather improbable occurrence of persistent fluctuations. The obvi ous success in compensating business cycles in those days prevented intensive concern with the occurrence of cycles. Rather, business cycle theory turned into stabilization theory which investigated theoretical possibilities of stabilizing a fluctuating economy. Many macroeconomic textbooks appeared in the 1960s which consequently identified business cycle theory with inquiries on the possibilities to stabilize economies by means of active fiscal or monetary policies.
Business cycle theory as a basis for economic policy
by Pascal Bridel Muriel DalpontThis book aims to start a debate on the relationship between economic theory – and more precisely business cycle theory – and economic policy, emphasising the diversity of views on economic policy which characterised older periods, in contrast to the homogeneity of the analysis and diagnosis provided by current business cycles developments. Since the 1970s, economic theorists excluding any economic policy interventions and favouring strictly supply-side economic policies have gained a growing influence. The development of Equilibrium Business Cycles theories coincides with the collapse, at least in academic circles, of the Keynesian consensus favouring stabilization policies. The alternative approach which emerged was based on an a priori hypothesis about the stability of the economy – or at least on its remarkable ability to stabilize itself. The direct consequence of this approach is that any stabilization objective for economic policy is not only misguided but also inefficient. There are many reasons why Keynesian policies ceased to be dominant in theoretical circles, but the most helpful circumstances for the rapid propagation of a new revolutionary theory is certainly the existence of an established orthodoxy, clearly inconsistent with the most salient facts of reality. This book offers a sample of different theoretical approaches to business cycles, examining their respective views on economic policy with the objective of understanding business cycles that have been lost, and identifying those views which explain fluctuations and the way we conceive economic policy. This book was originally published as a special issue of The European Journal of the History of Economic Thought.
Business cycle theory as a basis for economic policy
by Pascal Bridel and Muriel Dal Pont LegrandThis book aims to start a debate on the relationship between economic theory – and more precisely business cycle theory – and economic policy, emphasising the diversity of views on economic policy which characterised older periods, in contrast to the homogeneity of the analysis and diagnosis provided by current business cycles developments. Since the 1970s, economic theorists excluding any economic policy interventions and favouring strictly supply-side economic policies have gained a growing influence. The development of Equilibrium Business Cycles theories coincides with the collapse, at least in academic circles, of the Keynesian consensus favouring stabilization policies. The alternative approach which emerged was based on an a priori hypothesis about the stability of the economy – or at least on its remarkable ability to stabilize itself. The direct consequence of this approach is that any stabilization objective for economic policy is not only misguided but also inefficient. There are many reasons why Keynesian policies ceased to be dominant in theoretical circles, but the most helpful circumstances for the rapid propagation of a new revolutionary theory is certainly the existence of an established orthodoxy, clearly inconsistent with the most salient facts of reality. This book offers a sample of different theoretical approaches to business cycles, examining their respective views on economic policy with the objective of understanding business cycles that have been lost, and identifying those views which explain fluctuations and the way we conceive economic policy. This book was originally published as a special issue of The European Journal of the History of Economic Thought.
Business Cycle Theory, Part I Volume 1: Selected Texts, 1860-1939
by Harald HagemannThese volumes contain key texts from the period 1860-1939 on Business Cycle Theory. It covers a long list of Anglo-Saxon writers, as well as the most important contributions from the French, German, Italian, Russian and Swedish debates. The older business cycle theories presented here richly elucidate the complex interaction between real, monetary and structural change factors in economic systems — the close association between historical and analytical methods providing a fertile source of inspiration for current researchers in the field. In Volume I of this edition, a number of chapters from early classics are presented. After 1860, the idea of a regular business cycle, formulated by Clément Juglar, was increasingly recognised as a recurrent phenomenon. This edition begins with Juglar’s analysis of crises from a monetary standpoint and John Stuart Mill’s analysis of the role of an excessive credit expansion as a characteristic and fuel for speculation. Also included are two key chapters of Marx’s work: his growth model as it is specified in the extended schemes of reproduction and his comments on crisis theory. The final sections present key chapters by Jevons on his theory of sun-spots; Hobson and Mummery’s linking of depressions in trade with insufficient consumption and excessive thrift; Marshall on price fluctuations on as the prevailing endogenous characteristic of cyclical fluctuations and his belief in the existence of a ten year cycle; Mitchell’s analysis of the imbalance between costs and prices that develops over the cycle; Kitchin’s distinction between movements of economic variables composed of either major or trade cycles and minor cycles averaging 40 months; and Kuznets attempt to give a rationale to the secondary secular movements he discovered.
Business Cycle Theory, Part I Volume 1: Selected Texts, 1860-1939
by Harald HagemannThese volumes contain key texts from the period 1860-1939 on Business Cycle Theory. It covers a long list of Anglo-Saxon writers, as well as the most important contributions from the French, German, Italian, Russian and Swedish debates. The older business cycle theories presented here richly elucidate the complex interaction between real, monetary and structural change factors in economic systems — the close association between historical and analytical methods providing a fertile source of inspiration for current researchers in the field. In Volume I of this edition, a number of chapters from early classics are presented. After 1860, the idea of a regular business cycle, formulated by Clément Juglar, was increasingly recognised as a recurrent phenomenon. This edition begins with Juglar’s analysis of crises from a monetary standpoint and John Stuart Mill’s analysis of the role of an excessive credit expansion as a characteristic and fuel for speculation. Also included are two key chapters of Marx’s work: his growth model as it is specified in the extended schemes of reproduction and his comments on crisis theory. The final sections present key chapters by Jevons on his theory of sun-spots; Hobson and Mummery’s linking of depressions in trade with insufficient consumption and excessive thrift; Marshall on price fluctuations on as the prevailing endogenous characteristic of cyclical fluctuations and his belief in the existence of a ten year cycle; Mitchell’s analysis of the imbalance between costs and prices that develops over the cycle; Kitchin’s distinction between movements of economic variables composed of either major or trade cycles and minor cycles averaging 40 months; and Kuznets attempt to give a rationale to the secondary secular movements he discovered.
Business Cycle Theory, Part I Volume 3: Selected Texts, 1860-1939
by Harald HagemannIn the mid-19th century, the business cycle was increasingly recognized as a recurrent phenomenon. This edition contains key texts from the range of literature in the field. It covers many Anglo-Saxon writers as well as contributions from the French, German, Italian, Russian and Swedish debates.
Business Cycle Theory, Part I Volume 3: Selected Texts, 1860-1939
by Harald HagemannIn the mid-19th century, the business cycle was increasingly recognized as a recurrent phenomenon. This edition contains key texts from the range of literature in the field. It covers many Anglo-Saxon writers as well as contributions from the French, German, Italian, Russian and Swedish debates.
Business Cycle Theory, Part II Volume 7: Selected Texts, 1860-1939
by Mauro BoianovskyIn the mid-nineteenth century the business cycle was increasingly recognised as a recurrent phenomenon. This edition contains key texts from the range of literature in the field.
Business Cycle Theory, Part II Volume 7: Selected Texts, 1860-1939
by Mauro BoianovskyIn the mid-nineteenth century the business cycle was increasingly recognised as a recurrent phenomenon. This edition contains key texts from the range of literature in the field.
Business Cycles: Durations, Dynamics, and Forecasting (PDF)
by Francis X. Diebold Glenn D. RudebuschThis is the most sophisticated and up-to-date econometric analysis of business cycles now available. Francis Diebold and Glenn Rudebusch have long been acknowledged as leading experts on business cycles. And here they present a highly integrative collection of their most important essays on the subject, along with a detailed introduction that draws together the book's principal themes and findings. Diebold and Rudebusch use the latest quantitative methods to address five principal questions about the measurement, modeling, and forecasting of business cycles. They ask whether business cycles have become more moderate in the postwar period, concluding that recessions have, in fact, been shorter and shallower. They consider whether economic expansions and contractions tend to die of "old age." Contrary to popular wisdom, they find little evidence that expansions become more fragile the longer they last, although they do find that contractions are increasingly likely to end as they age. The authors discuss the defining characteristics of business cycles, focusing on how economic variables move together and on the timing of the slow alternation between expansions and contractions. They explore the difficulties of distinguishing between long-term trends in the economy and cyclical fluctuations. And they examine how business cycles can be forecast, looking in particular at how to predict turning points in cycles, rather than merely the level of future economic activity. They show here that the index of leading economic indicators is a poor predictor of future economic activity, and consider what we can learn from other indicators, such as financial variables. Throughout, the authors make use of a variety of advanced econometric techniques, including nonparametric analysis, fractional integration, and regime-switching models. Business Cycles is crucial reading for policymakers, bankers, and business executives.
Business Cycles: Durations, Dynamics, and Forecasting
by Francis X. Diebold Glenn D. RudebuschThis is the most sophisticated and up-to-date econometric analysis of business cycles now available. Francis Diebold and Glenn Rudebusch have long been acknowledged as leading experts on business cycles. And here they present a highly integrative collection of their most important essays on the subject, along with a detailed introduction that draws together the book's principal themes and findings. Diebold and Rudebusch use the latest quantitative methods to address five principal questions about the measurement, modeling, and forecasting of business cycles. They ask whether business cycles have become more moderate in the postwar period, concluding that recessions have, in fact, been shorter and shallower. They consider whether economic expansions and contractions tend to die of "old age." Contrary to popular wisdom, they find little evidence that expansions become more fragile the longer they last, although they do find that contractions are increasingly likely to end as they age. The authors discuss the defining characteristics of business cycles, focusing on how economic variables move together and on the timing of the slow alternation between expansions and contractions. They explore the difficulties of distinguishing between long-term trends in the economy and cyclical fluctuations. And they examine how business cycles can be forecast, looking in particular at how to predict turning points in cycles, rather than merely the level of future economic activity. They show here that the index of leading economic indicators is a poor predictor of future economic activity, and consider what we can learn from other indicators, such as financial variables. Throughout, the authors make use of a variety of advanced econometric techniques, including nonparametric analysis, fractional integration, and regime-switching models. Business Cycles is crucial reading for policymakers, bankers, and business executives.
Business Cycles: Part I (The Collected Works of F. A. Hayek #7)
by F. A. HayekIn the years following its publication, F. A. Hayek’s pioneering work on business cycles was regarded as an important challenge to what was later known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek’s thoughts on the repercussions of excessive central bank interventions. The latest editions in the University of Chicago Press’s ongoing series The Collected Works of F. A. Hayek, these volumes bring together Hayek’s work on what causes periods of boom and bust in the economy. Moving away from the classical emphasis on equilibrium, Hayek demonstrates that business cycles are generated by the adaptation of the structure of production to changes in relative demand. Thus, when central banks artificially lower interest rates, the result is a misallocation of capital and the creation of asset bubbles and additional instability. Business Cycles, Part I contains Hayek’s two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Reproducing the text of the original 1933 translation of the former, this edition also draws on the original German, as well as more recent translations. For Prices and Production, a variorum edition is presented, incorporating the 1931 first edition and its 1935 revision. Business Cycles, Part II assembles a series of Hayek’s shorter papers on the topic, ranging from the 1920s to 1981. In addition to bringing together Hayek’s work on the evolution of business cycles, the two volumes of Business Cycles also include extensive introductions by Hansjoerg Klausinger, placing the writings in intellectual context—including their reception and the theoretical debates to which they contributed—and providing background on the evolution of Hayek’s thought.
Business Cycles: Part II (The Collected Works of F. A. Hayek #8)
by F. A. HayekIn the years following its publication, F. A. Hayek’s pioneering work on business cycles was regarded as an important challenge to what was later known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek’s thoughts on the repercussions of excessive central bank interventions. The latest editions in the University of Chicago Press’s ongoing series The Collected Works of F. A. Hayek, these volumes bring together Hayek’s work on what causes periods of boom and bust in the economy. Moving away from the classical emphasis on equilibrium, Hayek demonstrates that business cycles are generated by the adaptation of the structure of production to changes in relative demand. Thus, when central banks artificially lower interest rates, the result is a misallocation of capital and the creation of asset bubbles and additional instability. Business Cycles, Part I contains Hayek’s two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Reproducing the text of the original 1933 translation of the former, this edition also draws on the original German, as well as more recent translations. For Prices and Production, a variorum edition is presented, incorporating the 1931 first edition and its 1935 revision. Business Cycles, Part II assembles a series of Hayek’s shorter papers on the topic, ranging from the 1920s to 1981. In addition to bringing together Hayek’s work on the evolution of business cycles, the two volumes of Business Cycles also include extensive introductions by Hansjoerg Klausinger, placing the writings in intellectual context—including their reception and the theoretical debates to which they contributed—and providing background on the evolution of Hayek’s thought.