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  1. Home
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  3. Equilibrium Business Cycle Theory in Historical Perspective
  • Cited by 16
Publisher:
Cambridge University Press
Online publication date:
March 2010
Print publication year:
1988
Online ISBN:
9780511664762
DOI:
https://doi.org/10.1017/CBO9780511664762
Subjects:
Economics, Industrial Economics, Economic Thought, Philosophy and Methodology
Series:
Historical Perspectives on Modern Economics
Information

Book description

This 1988 book presents a historical investigation of the theoretical development of contemporary Equilibrium Business Cycle Theory (EBCT). The author examines the central features of the EBCT by tracing both the history of business cycle theory and the history of econometrics. These historical analyses make clear two central principles of the EBCT: its optimization foundation and its economic strategy. Following along these lines, the author argues that the EBCT succeeds the tradition of the Austrian cycle theory that attempted to incorporate the cycle with classical equilibrium doctrine. He further argues that the EBCT's econometric strategy is only a child of the Cowles commission method. Investigating interwar macroeconomics in very readable style, this book brings the period back into the heart of macroeconomic thinking.

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