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General Introduction

In: Asset Markets, Portfolio Choice and Macroeconomic Activity

Author

Listed:
  • Toichiro Asada

    (Chuo University)

  • Peter Flaschel

    (Bielefeld University)

  • Tarik Mouakil

    (University of Cambridge)

  • Christian Proaño

    (The New School for Social Research)

Abstract

The traditional view of business cycles is usually presented through Wicksell’s famous ‘rocking horse’ metaphor. If a rocking horse is hit with a stick, the horse will move and its movement will be different from that of the stick. In other words, erratic exogenous ‘shocks’ are the cause of economic cycles (providing the necessary energy to keep the horse moving) and the fundamental law which determines the form of these cycles is given by the equilibrium conditions of the economic system.

Suggested Citation

  • Toichiro Asada & Peter Flaschel & Tarik Mouakil & Christian Proaño, 2011. "General Introduction," Palgrave Macmillan Books, in: Asset Markets, Portfolio Choice and Macroeconomic Activity, chapter 1, pages 1-10, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30777-3_1
    DOI: 10.1057/9780230307773_1
    as

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