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An Aggregative Model of Unemployment, Cycles, and Growth

In: Business Cycle Dynamics and Stabilization Policies

Author

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  • Hajime Hori

    (Tohoku University)

Abstract

The purpose of this chapter is to analyze business cycles in a growing economy based upon two principal postulates, namely that (1) fluctuations of involuntary unemployment are an essential constituent of business cycles and (2) accumulation of capital is an integral part of business cycles. Using a macro model which is a close descendant of the monetary growth theory, this chapter establishes the arriving order of the turning points of major economic variables during a cycle, which also serves to resolve the so-called real wage puzzle.

Suggested Citation

  • Hajime Hori, 2017. "An Aggregative Model of Unemployment, Cycles, and Growth," Advances in Japanese Business and Economics, in: Business Cycle Dynamics and Stabilization Policies, chapter 0, pages 1-31, Springer.
    • Handle: RePEc:spr:advchp:978-981-10-3081-9_1
    DOI: 10.1007/978-981-10-3081-9_1
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