The Time-to-Build Tradition in Business Cycle Modelling

N. Dharmaraj and K. Vela Velupillai

No 1109, ASSRU Discussion Papers from ASSRU - Algorithmic Social Science Research Unit

Abstract: An important frontier of business cycle theorising is the 'time-to-build' tradition that lies at the heart of Real Business Cycle theory. Kydland and Prescott (1982) did not acknowledge the rich tradition of 'time-to-build' business cycle theorising - except in a passing, non-scholarly, non-specific, reference to Böhm-Bawerk's classic on Capital Theory (Böhm-Bawerk [1899]), which did not, in any case, address cycle theoretic issues. The notion of ‘time-to-build’ is intrinsic to any process oriented production theory which is incorporated in a macrodynamic model. We provide an overview of this tradition, focusing on some of the central business cycle classics, and suggest that the Neo-Austrian revival should be placed in this class of dynamic macroeconomics, albeit ‘traverse dynamics’ is itself to be considered as a fluctuating path from one equilibrium to another.

Date: 2011
New Economics Papers: this item is included in nep-bec, nep-dge, nep-hpe and nep-mac
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