Business Cycles and Growth Theory

By Muriel Dal Pont

© 2006 – Routledge

256 pages

Purchasing Options:
Hardback: 9780415321259
pub: 2015-12-31
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About the Book

Before being considered as independent fields, business cycles and productivity growth had long been regarded as closely interrelated dynamics. Growth and cycles theories and models developed independently. On one side, the growth analysis developed analyzing the existence and stability of a long-run deterministic growth path. On the other side, business cycles theory focused on the understanding of detrended data movements considering growth as an exogenous trend, independent of the cycle. This dichotomy is still present in the modern literature.

Business Cycles and Growth Theory examines the role of monetary and financial factors in growth cycles dynamics interaction. It offers new perspectives for modelling growth cycles dynamics underlining the possibility of building an 'incomplete business cycles theory', as well as highlighting the existence of a convergence between the last theoretical developments of both growth and business cycles literatures. A significant read, this book demonstrates that such a convergence can provide benchmarks for a new paradigm of models in which endogenous growth mechanism, because it offers a strong propagation for shocks, can be the core of a new business cycles dynamics.

About the Series

Routledge International Studies in Money and Banking

This series explores the roles of money and banking in the modern world. Banking is an increasingly important and international industry, and its interaction with money is a major concern for the world's economic policy-makers.

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Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS055000
BUSINESS & ECONOMICS / Reference
BUS069030
BUSINESS & ECONOMICS / Economics / Theory