Theory and History behind Business Cycles: Are the 1990s the Onset of a Golden Age?
The theory presented in this paper ties together profits, investment, credit, stock prices, inflation, and interest rates. The author discusses new estimates of profit and investment functions with important roles for growth and demand and productivity, price and cost levels, risk perception, credit volume, and credit difficulties. The relationships among these endogenous variables are viewed as constituting an enduring core of business cycles, the exogenous shocks and policy effects as more transitory and peripheral.
Volume (Year): 13 (1999)
Issue (Month): 2 (Spring)
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- Giancarlo Corsetti & Paolo Pesenti & Nouriel Roubini, 1998.
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Temi di discussione (Economic working papers)
343, Bank of Italy, Economic Research and International Relations Area.
- Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "What caused the Asian currency and financial crisis?," Japan and the World Economy, Elsevier, vol. 11(3), pages 305-373, October.
- Corsetti, G. & Pesenti, P. & Roubini, N., 1998. "What Caused the Asian Currency and Financial Crisis?," Papers 343, Banca Italia - Servizio di Studi.
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"The Real Interest Rate: An Empirical Investigation,"
NBER Working Papers
0622, National Bureau of Economic Research, Inc.
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- Robert E. Hall, 1984.
"The Role of Consumption in Economic Fluctuations,"
NBER Working Papers
1391, National Bureau of Economic Research, Inc.
- Blatt, John M, 1978. "On the Econometric Approach to Business-Cycle Analysis," Oxford Economic Papers, Oxford University Press, vol. 30(2), pages 292-300, July.
- Robert E. Hall, 1987. "Consumption," NBER Working Papers 2265, National Bureau of Economic Research, Inc.
- Steven J. Davis & John C. Haltiwanger & Scott Schuh, 1998. "Job Creation and Destruction," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262540932, June.
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