An Aggregative Model of Unemployment, Cycles, and Growth

Hajime Hori
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Hajime Hori: Tohoku University

Chapter Chapter 1 in Business Cycle Dynamics and Stabilization Policies, 2017, pp 1-31 from Springer

Abstract: 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.

Keywords: Business Cycle; Capital Stock; Nominal Wage; Good Price; Cyclical Movement (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advchp:978-981-10-3081-9_1

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DOI: 10.1007/978-981-10-3081-9_1

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