Business cycles: theory, evidence and policy implications

Article Abstract:

Three models of real business cycles, macroeconomic complementarities, and non-convexities and heterogeneity, were analyzed to find the origins and results of aggregate fluctuations. The real business cycle model (RBC), which has been employed as a tool for studying business fluctuations, is not considered reliable in understanding business cycles due to its dependence on representative household structure and complete contingent markets. Models based on macroeconomic complementarities are more useful in policymaking than RBC models since they allow government participation.

Stochastic analysis, Business cycles

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Corporatism, monetary policy and macroeconomic performance: a simple game theoretic analysis

Article Abstract:

A game theoretic analysis of the relationship between the government and the labor union was carried out to examine the impact of corporatism on macroeconomic performance. To this end, a model that allows policy endogeneity and which considers other aspects of corporatism besides wage bargaining centralization was constructed. It demonstrated the possibility of raising and lowering inflation using corporatist moves.

Inflation (Finance), Game theory, Corporate state, Inflation (Economics)

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Limits to institutional reforms

Article Abstract:

The extension of rational choice methods to new forms of analysis has created negative effects on the new economics of institutions. The creation of new forms of analysis such as micropolitics and political macroeconomics has resulted to lessening of policy choice sets and experts' role. Such situations suggests the existence of constrained maximization by rational agents.

Analysis, Economic research

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