home courses business cycle theory
Business Cycles Theory
Description
The course provides a survey of business cycle theory. At the outset, different ways for the measurement of business cycles are introduced and the stylized facts of business cycles in industrialized countries are presented. The main part of the course gives an overview of various models that account for these stylized facts. Basic micro- and macroeconomics is required.
Course Outline
- Measurement of Business Cycles
- Concepts and Tools
- Determination of Trends and Cycles
- Stylized Facts of Business Cycles
- Classification of the Basic Approaches to Business Cycle Theory
- Historical Classification
- Methodological Classification
- Models with Price Flexibility
- AS-AD-Models
- Real Business Cycles
- Non-linear Feedback as a Justification for Business Cycles
- Models with Price Rigidities
- Multiplier-Accelerator
- Employment level and wage ratio
- Politico-economic Business Cycles
Reading List
- Arnold, Lutz, Business Cycle Theory, Oxford University Press, Oxford, 2002
- Gabisch, Günter, and Lorenz, Hans-Walter, Business Cycle Theory, A Survey of Methods and Concepts, 2nd ed., Springer, Berlin, 1989
- Kromphardt, Jürgen, Wachstum und Konjunktur, Grundlegende Erklärung und Steuerung des Wachstumsprozesses, 3rd ed., Vandenhoeck & Ruprecht, Göttingen, 1993
- Maußner, Alfred, Konjunkturtheorie, Springer: Berlin,1994
