Business Cycle Dynamics and Stabilization Policies

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A Keynesian Approach, Advances in Japanese Business and Economics 15

ISBN: 9811097844
ISBN 13: 9789811097843
Autor: Hori, Hajime
Verlag: Springer Verlag GmbH
Umfang: xiii, 142 S.
Erscheinungsdatum: 29.07.2018
Auflage: 1/2017
Produktform: Kartoniert
Einband: KT

This 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.

Artikelnummer: 5459492 Kategorie:

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