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The evolution of endogenous business cycles

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Farmer, Roger E. A. (2016) The evolution of endogenous business cycles. Macroeconomic Dynamics, 20 (2). pp. 544-557. doi:10.1017/S1365100514000248 ISSN 1365-1005.

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Official URL: http://dx.doi.org/10.1017/S1365100514000248

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Abstract

This paper distinguishes two kinds of endogenous business cycle models: EBC1 models, which display dynamic indeterminacy, and EBC2 models, which display steady-state indeterminacy. Both strands of the literature have their origins in the sunspot literature that developed at the University of Pennsylvania in the 1980s. I argue that EBC1 models are part of the evolution of modern macroeconomics that has classical roots dating back to the 1920s. EBC2 models provide a microfoundation for one of the most important ideas to emerge from Keynes's (1936) General Theory of Employment, Interest and Money: that high involuntary unemployment can persist as part of the steady-state equilibrium of a market economy.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Business cycles -- Mathematical mdoels, Macroeconomics -- Mathematical models, University of Pennsylvania, Keynes, John Maynard, 1883-1946 -- Influence
Journal or Publication Title: Macroeconomic Dynamics
Publisher: Cambridge University Press
ISSN: 1365-1005
Official Date: March 2016
Dates:
DateEvent
March 2016Published
3 July 2014Available
13 January 2014Accepted
Volume: 20
Number: 2
Page Range: pp. 544-557
DOI: 10.1017/S1365100514000248
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 20 February 2018
Date of first compliant Open Access: 22 February 2018

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