Titlebook: Wages, Regime Switching, and Cycles; Piero Ferri,Edward Greenberg Book 1992Latest edition Springer-Verlag Berlin · Heidelberg 1992 Arbeits

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An Overall Viewin the theory of nonlinearities) that share the same methodological paradigm. In particular, there seem to be two characteristic features of these approaches: a search for a microeconomic foundation; and an emphasis on real factors.

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dendrites

Basic Concepts in the Theory of Cyclesfter removing those that can be explained by such factors as the general level and pattern of growth in economic activity and movements in individual series that seem to arise from supply or demand conditions specific to individual markets. Burns and Mitchell (1946, p. 1) employ the following defini

Measured

Basic Concepts in the Theory of Cyclesfter removing those that can be explained by such factors as the general level and pattern of growth in economic activity and movements in individual series that seem to arise from supply or demand conditions specific to individual markets. Burns and Mitchell (1946, p. 1) employ the following defini

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Microfounded Exogenous Explanations distinction between endogenous and exogenous explanations of business cycle is basic not only from an analytical view but also from an economic policy perspective. For these reasons we start classifying the literature on the basis of this distinction, which stresses the origin of the business cycle

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Nonlinear Deterministic Theoriesundation fever. In fact, these models, where endogenous fluctuations (either periodic or chaotic) can persist in the absence of exogenous shocks, can be rigorously formulated in equilibrium models in which agents optimize with perfect foresight. As discussed by Boldrin and Woodford (1990), one can s

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The Dynamic Role of Wages and Pricesin the underlying working of the labor market and in the mechanisms generating the cycle. At closer scrutiny, however, it appears that these models tend to include either the wage equation or the price equation. It is less usual to have both considered. When one introduces both wages and prices, rat

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