Business Cycles in Economics: Types, Challenges and Impacts on Monetary Policies

Jason Hsu, PhD (Editor)
Innovative Financial Solutions, Newport Beach, CA, US

Series: Economic Issues, Problems and Perspectives
BISAC: BUS000000

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This anthology presents papers that challenge conventional viewpoints and ideas about business cycles and monetary policy. Some of the selections bring fresh thinking to customary topics, such as business cycle models in perfectly competitive markets, the cyclicality of research and development expenditures, and the effect of uncertainty shocks on consumer spending.

Others address concerns that have come to the fore in the aftermath of the global financial crisis – the consequences of quantitative easing, the effectiveness of macro prudential policies, the impact of shadow banking on the fractional-reserve banking system, and correlations in credit default losses, among others. The collection is not meant to be comprehensive (an impossible and uninteresting goal) but rather to bring together noteworthy contributions that might otherwise be submerged in the torrent of contemporary economic writing. The selection criteria were the quality of thinking, clarity of expression, and soundness of empirical research on topics of compelling interest to people who are actively engaged in the field of monetary economics.

The papers included in this book also represent a range of approaches to theoretical and applied research. Some of them describe econometric tools and analytical techniques that are adapted to the study of business cycles and monetary policies. Others set forth conceptual frameworks and conduct empirical analyses that offer new insights into macroeconomic fluctuations. Still others adopt a strategy closer to field work, in the form of case studies supported by extensive statistical documentation. In sum, the papers presented in this volume not only tackle topics of pressing interest; they also illustrate the state of the art in the research methodologies employed by monetary economists. (Imprint: Nova)

Preface

Chapter 1 - On the Competing Definitions of Economic Recession—And Their Unfortunate Political Overtones (pp. 1-10)
John F. Gaski (University of Notre Dame, IN, US)

Chapter 2 - The Factor-Shares Cycle and Its Relation to the Business Cycle (pp. 11-26)
William A. Jackson (University of York, UK)

Chapter 3 - Business Cycle Mechanisms on Markets with Perfect Competition (pp. 27-50)
Monica Dobrescu (Academy of Economic Sciences, Bucharest, Romania)

Chapter 4 - Technology and Business Cycles in the US (1957-2006): A Schumpeterian Approach (pp. 51-68)
Konstantinos N. Konstantakis and Panayotis G. Michaelides (National Technical University of Athens, Athina, Greece)

Chapter 5 - Coefficient Criterion for Shil'nikov Chaos: Application to a Simple Investment Model (pp. 69-86)
Eiji Tsuzuki, Shunsuke Shinagawa and Tomohiro Inoue (Faculty of Economics, Chiba Keizai University, Chiba, and Faculty of Political Science and Economics, Waseda University, Tokyo, Japan)

Chapter 6 - Monetary Policy Regimes and the Stock Market (pp. 87-116)
Marcelle Chauvet and Chuanlei Sun (University of California Riverside, CA, US)

Chapter 7 - An Austrian School Explanation of the Global Financial Crisis (pp. 117-130)
Fu Lai Tony Yu (Department of Economics and Finance, Hong Kong Shue Yan University, Hong Kong)

Chapter 8 - The Stock Market and Business Cycle Forecasting: The Wealth Effect of the Stock Market and the Housing Market (pp. 131-142)
William Wei-Choun Yu (Economist, Anderson Forecast, Anderson School of Management, University of California, Los Angeles, CA, USA)

Chapter 9 - Asymmetric Effects of Quantitative Easing: Evidence for the US Unemployment Rate (pp. 143-156)
Georgios Karras (University of Illinois at Chicago, IL, US)

Chapter 10 - Adjustment in the Market for Skills in Australia over the Business Cycle (pp. 157-178)
Michael Corliss and Phil Lewis (Centre for Labour Market Research, University of Canberra, Australia)

Chapter 11 - Uncertainty Shocks and Consumption: Evidence from the U.S. Data (pp. 179-202)
Lilia Karnizova (University of Ottawa, ONT, Canada)

Chapter 12 - Endogenous Money or Sticky Wages: A Bayesian Approach (pp. 203-226)
Guangling Liu (Department of Economics, University of Stellenbosch, Stellenbosch, South Africa)

Chapter 13 - Financial Intermediation and Monetary Policy: A Closer Look at Dealer Balance Sheets and Money Markets (pp. 227-246)
Elizabeth Klee and Win Monroe (Federal Reserve Board)

Chapter 14 - Modeling Intra and Inter Correlations in Credit Default Losses (pp. 1247-266)
M. Syrkin and A. Shirazi (Federal Reserve Bank of New York, New York, NY, US)

Index

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