American business cycles 1889–1913: An accounting approach

The Role of Financial Frictions in Iran’s Business Cycles: A DSGE Approach

B efore the incidence of the financial crisis in 2008, the financial sector was ignored in the most of business cycles analyses. It was assumed that the financial sector played no independent role in describing business cycle fluctuations and followed the real part of the economy. In recent years, modeling financial frictions have been much considered in business cycles literature. T...

Business cycles

This note outlines and discusses some of the strands in the post-Keynesian literature on business cycles. Most post-Keynesians have focused on endogenously generated cycles, but the mechanism varies: some focus on the goods market, others on financial markets, the labor market, or political intervention. The merits of formal modeling of the cycles have also come in for debate. 1 A slightly vers...

An incomplete markets model of business cycles

This paper explores the effects of incomplete markets and positive spillovers on aggregate and industry output behavior. We consider an economy composed of a fixed set of infinitely-lived industries. When industries coordinate production decisions they jointly improve their productivity. Markets are missing, however, in the sense that industries cannot automatically form the most productive coa...

An Evolutionary Model of Endogenous Business Cycles

In this paper, we present an evolutionary model of industry dynamics yielding endogenous business cycles with ‘Keynesian’ features. The model describes an economy composed of firms and consumers/workers. Firms belong to two industries. The first one performs R&D and produces heterogeneous machine tools. Firms in the second industry invest in new machines and produce a homogenous consumption goo...

Business Cycles in an International Context