Jump to ContentJump to Main Navigation
Macroeconomic Theory$
Users without a subscription are not able to see the full content.

Jean-Pascal Benassy

Print publication date: 2011

Print ISBN-13: 9780195387711

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195387711.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 28 October 2020

Competitive Business Cycles

Competitive Business Cycles

(p.205) 10 Competitive Business Cycles
Macroeconomic Theory

Jean-Pascal Bénassy

Oxford University Press

This chapter discusses the three lines of research used in assessing basic models of fluctuations in competitive markets, namely research with the use of Dynamic Stochastic General Equilibrium models, a typical Sunspot model, and a combination of Keynesian theory, the Samuelson destabilizing accelerator, and the Philips curve. It explains that the Dynamic Stochastic General Equilibrium models provide simpler solutions, as they answer simple first-order conditions of asset pricing, and address labor fluctuations. This chapter also includes sample problems regarding alternative shocks in the government and households, incomplete capital depreciation, a Real Business Cycle model with generations, and with autocorrelated shocks.

Keywords:   Dynamic Stochastic General Equilibrium models, Sunspot model, Keynesian theory, Samuelson’s destabilizing accelerator, Philips curve, asset pricing, labor fluctuations, first-order conditions

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .