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2017 | OriginalPaper | Buchkapitel

1. An Aggregative Model of Unemployment, Cycles, and Growth

verfasst von : Hajime Hori

Erschienen in: Business Cycle Dynamics and Stabilization Policies

Verlag: Springer Singapore

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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.

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Titel: An Aggregative Model of Unemployment, Cycles, and Growth
verfasst von: Hajime Hori
Verlag: Springer Singapore
Buch: Business Cycle Dynamics and Stabilization Policies
Print ISBN: 978-981-10-3080-2

Electronic ISBN: 978-981-10-3081-9

Copyright-Jahr: 2017
DOI: https://doi.org/10.1007/978-981-10-3081-9_1