FIEF Studies in Labor Markets and Economic Policy – Serie
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This book consists of three long papers, accompanied by a series of short comments (by Klaus Nesser, Erling Steigum, Danny Quah, Michael Bergman, and Seppo Honkapohja) and an introduction by the editors covering the main themes of the book. It combines a systematic empirical investigation into the characteristics of business cycles with a review of general theories of the patterns and dynamics of cycles.The first paper, by John Hassler, Torsten Persson, and Paul Soderlind, investigates the patterns over time of business cycles, using data from the remarkable Swedish series dating from 1860 to the present day, and will become a standard reference in the literature on empirical investigations of business cycles. The authors find that there are strong similarities between the patterns of the business cycles of many countries.The second paper, by Peter Englund, Anders Vredin, and Anders Warne, analyses the dynamics of business cycles, and uses applied econometric analysis to identify different types of exogenous macroeconomic shocks, again using the Swedish data. The authors conclude that both permanent and transitory real shocks have lasting effects on patterns of economic growth.The third paper, by Jean-Michel Grandmont, has a different emphasis and reviews the theory of endogenous shocks. In this complex and distinguished paper he argues that agents may have self-fulfilling expectations of fluctuations in business activity.
2 438 kr
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The sixth volume in the FIEF Studies in Labour Markets and Economic Policy series is a contribution to the empirical literature on endogenous growth theory, which studies the interrelationships of institutions, government policies, distribution, and growth. After an Introductory overview by the editor, the volume contains four main chapters, each of which is followed by review comments: Alesina and Perotti review recent literature on the political economy of growth, and discuss such topics as the relationship between income instability and growth, whether democratic institutions and civil liberties influence growth performance, and whether income inequality hampers growth or not. Hansson and Henrekson study the tendency--predicted by neoclassical growth theory--of per capita income and productivity to converge between countries. They focus on the diffusion of technology and the phenomenon of 'catching up', whereby poor countries copy the production methods and possibily organizational methods in advanced countries. Grier uses a similar neoclassical production-function approach, but brings in some new explanatory factors for the growth process, including union density, the existence of corporatist as opposed to economically liberal governments, and centralized versus decentralized wage formation. Analysing four cases of late, successful industrialization (South Korea, Taiwan, Finland, and Austria) Juhana Vartiainen shows that, under certain conditions, decentralized market solutions of the problems of resource allocation are inferior to state planning and corporatism with or without government involvement.