Business Cycle Models With Indeterminacy Mark Weder

ISBN: 9783790810783

Published: January 19th 1998

Paperback

179 pages


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Business Cycle Models With Indeterminacy  by  Mark Weder

Business Cycle Models With Indeterminacy by Mark Weder
January 19th 1998 | Paperback | PDF, EPUB, FB2, DjVu, talking book, mp3, ZIP | 179 pages | ISBN: 9783790810783 | 8.44 Mb

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 introducedMoreThree 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.



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