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Equilibrium Business Cycle Theory in Historical Perspective

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  • Kyun,Kim

Abstract

This 1988 book presents a historical investigation of the theoretical development of contemporary Equilibrium Business Cycle Theory (EBCT). The author examines the central features of the EBCT by tracing both the history of business cycle theory and the history of econometrics. These historical analyses make clear two central principles of the EBCT: its optimization foundation and its economic strategy. Following along these lines, the author argues that the EBCT succeeds the tradition of the Austrian cycle theory that attempted to incorporate the cycle with classical equilibrium doctrine. He further argues that the EBCT's econometric strategy is only a child of the Cowles commission method. Investigating interwar macroeconomics in very readable style, this book brings the period back into the heart of macroeconomic thinking.

Suggested Citation

  • Kyun,Kim, 1988. "Equilibrium Business Cycle Theory in Historical Perspective," Cambridge Books, Cambridge University Press, number 9780521350785.
  • Handle: RePEc:cup:cbooks:9780521350785
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    Cited by:

    1. Michael R. Montgomery, 1994. "Fully Inarticulate Model Economics: Or, Does Math Equal Macro?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 17(1), pages 45-68, September.
    2. Kakarot-Handtke, Egmont, 2012. "Intertwined real and monetary stochastic business cycles," MPRA Paper 42793, University Library of Munich, Germany.

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