Business Cycles Theory and Evidence

by Mullineux, Andy; Dickinson, David G.; Peng, Wensheng

• ISBN13: 9780631185673
• ISBN10: 0631185674
• Edition: 1st
• Format: Paperback
• Copyright: 1993-06-07
• Publisher: Wiley-Blackwell

Summary

This textbook provides a comprehensive and up to date review of the rapidly expanding business cycle literature. It covers three key strands of the theory which have dominated recent literature in the subject: equilibrium (monetary and real) business cycles, nonlinear business, cycle models and political business cycle theories. Business Cycles is designed for advanced undergraduate and postgraduate students of macroeconomics and monetary theory and policy and academic economists wishing to keep abreast of the substantial recent developments in this field.

Author Biography

Andy Mullineux is Senior Lecturer in Money, Banking and Finance. David G. Dickenson is Senior Lecturer in Economics and WenSheng Peng is a Research Fellow. All belong to the department of Economic sst the University of Birmingham.

Table of Contents

List of figures
List of tables
Preface
Introduction	p. 1
Equilibrium Business Cycles: Theory and Evidence	p. 5
Early Contributions and the Basic Model	p. 5
Extensions to the Basic Model	p. 9
Empirical Evidence	p. 15
Non-linear Business Cycle Modelling	p. 25
Cycles in Linear and Non-linear Models	p. 28
Non-linear Business Cycle Modelling	p. 34
Empirical Evidence of Chaos and Non-linearity	p. 53
Political Business Cycles, Reputation and Credibility	p. 64
The Electoral Economic Cycle	p. 66
Game Theory, Reputation, Credibility and Optimal Monetary Policy Design	p. 67
Partisan Cycles	p. 74
Empirical Evidence Relating to the 'Political Business Cycle'	p. 77
Empirical Evidence Relating to Business Cycles: New UK Results in Context	p. 85
Non-stationarity and Shock Persistence in UK Macroeconomic Variables	p. 85
A VAR Model of the UK Business Cycle	p. 92
Evidence of Political Business Cycles in the UK	p. 100
Chaos, Non-linearity and Macroeconomic Variables	p. 109
Evaluation and Conclusions	p. 120
Bibliography	p. 131
Index	p. 156
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