Booms and Recessions in a Noisy Economy
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One task of macroeconomics is to understand and predict fluctuations of economic activity over time. Economists seek to identify the moving forces of aggregate activity and to describe how these lead to changes in employment and output. Some of these forces, such as military spending, are accepted as fundamental by almost all economists. But there are also important moving forces that appear within a given model as noise, that is, as departures of economic behaviour from the structural relations of the model. In this book a leading macroeconomist discusses several aspects of a noisy economy in order to refine our understanding of booms and recessions.
Format:Hardcover
Language:English
ISBN:0300048572
ISBN13:9780300048575
Release Date:January 1991
Publisher:Yale University Press
Length:71 Pages
Weight:0.60 lbs.
Dimensions:0.6" x 5.8" x 9.6"
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