Advanced Search
MyIDEAS: Login

New approaches to business cycle theory in current economic science

Contents:

Author Info

  • Monica DOBRESCU

    (Bucharest Academy of Economic Studies)

  • Claudia Elena PAICU

    (Bucharest Academy of Economic Studies)

Abstract

In modern economies, current research generally acknowledges that the central issues in macroeconomics are essentially the same as those identified by Keynes in the General Theory of Employment, Interest and Money. One way or the other, economists are trying to address the same macroeconomic issues that they did seven decades ago: How can we account for the different growth rates and various fluctuations observed in national economies? Which are the economic policies most suitable to solve the issues of growth and cyclic behavior? Both the new classicals and the new Keynesians have made considerable progress within their research paradigms: to explain economic fluctuations, the new classicals focus on technological perturbations, the intertemporal substitution of leisure and real business cycles; on the other hand, the new Keynesians speak in terms of monopolistic competition, menu costs or efficiency wages. On the whole, the new classicals believe that the business cycle can best be understood within the market-clearing model, whereas the new keynesians believe that business fluctuations are due to certain market failures of various sorts. The present paper focuses on the main directions of research of the new classical school on the business cycle, given that the theoretical progress in this field has been significant and relevant for economic policy during the past four decades.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://store.ectap.ro/articole/757.pdf
Download Restriction: no

File URL: http://www.ectap.ro/articol.php?id=757&rid=88
Download Restriction: no

Bibliographic Info

Article provided by Asociatia Generala a Economistilor din Romania - AGER in its journal Theoretical and Applied Economics.

Volume (Year): XVIII(2012) (2012)
Issue (Month): 7(572) (July)
Pages: 147-160

as in new window
Handle: RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:147-160

Contact details of provider:
Postal: Bucharest, Calea GriviĊ£ei nr. 21, sector 1, 010702
Phone: +40 21 3 12 22 48
Fax: +40 21 3 12 97 17
Email:
Web page: http://www.asociatiaeconomistilor.ro/
More information through EDIRC

Related research

Keywords: monetary business cycles; real business cycles; sectoral adjustment theory; monetary neutrality; market-clearing models.;

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:agr:journl:v:7(572):y:2012:i:7(572):p:147-160. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Socol Cristian).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.