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18 books match the query 'Business cycles'

cover of Asking About Prices: A New Approach to Understanding Price Stickiness

Asking About Prices

A New Approach to Understanding Price Stickiness

Alan Blinder

Russell Sage Foundation, 1998

Why do consumer prices and wages adjust so slowly to changes in market conditions? The rigidity or stickiness of price setting in business is central to Keynesian economic theory and a key to understanding how monetary policy works, yet economists have made little headway in determining why it occurs. Asking About Prices offers a groundbreaking empirical approach to a puzzle for which theories abound but facts are scarce. Leading economist Alan Blinder, along with co-authors Elie Canetti, David Lebow, and Jeremy B. Rudd, interviewed a national, multi-industry sample of 200 CEOs, company heads, and other corporate price setters to test the validity of twelve prominent theories of price stickiness. Using everyday language and pertinent scenarios, the carefully designed survey asked decisionmakers how prominently these theoretical concerns entered into their own attitudes and thought processes. Do businesses tend to view the costs of changing prices as prohibitive? Do they worry that lower prices will be equated with poorer quality goods? Are firms more likely to try alternate strategies to changing prices, such as warehousing excess inventory or improving their quality of service? To what extent are prices held in place by contractual agreements, or by invisible handshakes? Asking About Prices offers a gold mine of previously unavailable information. It affirms the widespread presence of price stickiness in American industry, and offers the only available guide to such business details as what fraction of goods are sold by fixed price contract, how often transactions involve repeat customers, and how and when firms review their prices. Some results are surprising: contrary to popular wisdom, prices do not increase more easily than they decrease, and firms do not appear to practice anticipatory pricing, even when they can foresee cost increases. Asking About Prices also offers a chapter-by-chapter review of the survey findings for each of the twelve theories of price stickiness. The authors determine which theories are most popular with actual price setters, how practices vary within different business sectors, across firms of different sizes, and so on. They also direct economists' attention toward a rationale for price stickiness that does not stem from conventional theory, namely a strong reluctance by firms to antagonize or inconvenience their customers. By illuminating how company executives actually think about price setting, Asking About Prices provides an elegant model of a valuable new approach to conducting economic research.
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cover of Business Cycles, Indicators, and Forecasting

Business Cycles, Indicators, and Forecasting

Edited by James H. Stock and Mark W. Watson

University of Chicago Press, 1993

The inability of forecasters to predict accurately the 1990-1991 recession emphasizes the need for better ways for charting the course of the economy. In this volume, leading economists examine forecasting techniques developed over the past ten years, compare their performance to traditional econometric models, and discuss new methods for forecasting and time series analysis.
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cover of Business Cycles: Part I

Business Cycles

Part I

F. A. Hayek

University of Chicago Press, 2012

In the years following its publication, F. A. Hayek’s pioneering work on business cycles was regarded as an important challenge to what was later known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek’s thoughts on the repercussions of excessive central bank interventions.
 
The latest editions in the University of Chicago Press’s ongoing series The Collected Works of F. A. Hayek, these volumes bring together Hayek’s work on what causes periods of boom and bust in the economy. Moving away from the classical emphasis on equilibrium, Hayek demonstrates that business cycles are generated by the adaptation of the structure of production to changes in relative demand. Thus, when central banks artificially lower interest rates, the result is a misallocation of capital and the creation of asset bubbles and additional instability. Business Cycles, Part I contains Hayek’s two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Reproducing the text of the original 1933 translation of the former, this edition also draws on the original German, as well as more recent translations. For Prices and Production, a variorum edition is presented, incorporating the 1931 first edition and its 1935 revision. Business Cycles, Part II assembles a series of Hayek’s shorter papers on the topic, ranging from the 1920s to 1981.
 
In addition to bringing together Hayek’s work on the evolution of business cycles, the two volumes of Business Cycles also include extensive introductions by Hansjoerg Klausinger, placing the writings in intellectual context—including their reception and the theoretical debates to which they contributed—and providing background on the evolution of Hayek’s thought.
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cover of Business Cycles: Part II

Business Cycles

Part II

F. A. Hayek

University of Chicago Press, 2012

In the years following its publication, F. A. Hayek’s pioneering work on business cycles was regarded as an important challenge to what was later known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek’s thoughts on the repercussions of excessive central bank interventions.
 
The latest editions in the University of Chicago Press’s ongoing series The Collected Works of F. A. Hayek, these volumes bring together Hayek’s work on what causes periods of boom and bust in the economy. Moving away from the classical emphasis on equilibrium, Hayek demonstrates that business cycles are generated by the adaptation of the structure of production to changes in relative demand. Thus, when central banks artificially lower interest rates, the result is a misallocation of capital and the creation of asset bubbles and additional instability. Business Cycles, Part I contains Hayek’s two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Reproducing the text of the original 1933 translation of the former, this edition also draws on the original German, as well as more recent translations. For Prices and Production, a variorum edition is presented, incorporating the 1931 first edition and its 1935 revision. Business Cycles, Part II assembles a series of Hayek’s shorter papers on the topic, ranging from the 1920s to 1981.
 
In addition to bringing together Hayek’s work on the evolution of business cycles, the two volumes of Business Cycles also include extensive introductions by Hansjoerg Klausinger, placing the writings in intellectual context—including their reception and the theoretical debates to which they contributed—and providing background on the evolution of Hayek’s thought.
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cover of Business Cycles: Theory, History, Indicators, and Forecasting

Business Cycles

Theory, History, Indicators, and Forecasting

Victor Zarnowitz

University of Chicago Press, 1992

This volume presents the most complete collection available of the work of Victor Zarnowitz, a leader in the study of business cycles, growth, inflation, and forecasting..

With characteristic insight, Zarnowitz examines theories of the business cycle, including Keynesian and monetary theories and more recent rational expectation and real business cycle theories. He also measures trends and cycles in economic activity; evaluates the performance of leading indicators and their composite measures; surveys forecasting tools and performance of business and academic economists; discusses historical changes in the nature and sources of business cycles; and analyzes how successfully forecasting firms and economists predict such key economic variables as interest rates and inflation.
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cover of Cyber-Marx: Cycles and Circuits of Struggle in High Technology Capitalism

Cyber-Marx

Cycles and Circuits of Struggle in High Technology Capitalism

Nick Dyer-Witheford

University of Illinois Press, 1999

In this highly readable and thought-provoking work, Nick Dyer-Witheford assesses the relevance of Marxism in our time and demonstrates how the information age, far from transcending the historic conflict between capital and its laboring subjects, constitutes the latest battleground in their encounter.
 
Dyer-Witheford maps the dynamics of modern capitalism, showing how capital depends for its operations not just on exploitation in the immediate workplace, but on the continuous integration of a whole series of social sites and activities, from public health and maternity to natural resource allocation and the geographical reorganization of labor power. He also shows how these sites and activities may become focal points of subversion and insurgency, as new means of communication vital for the smooth flow of capital also permit otherwise isolated and dispersed points of resistance to connect and combine with one another.
 
Cutting through the smokescreen of high-tech propaganda, Dyer-Witheford predicts the advent of a reinvented, "autonomist" Marxism that will rediscover the possibility of a collective, communist transformation of society. Refuting the utopian promises of the information revolution, he discloses the real potentialities for a new social order in the form of a twenty-first-century communism based on the common sharing of wealth.
 
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cover of Economic Turbulence: Is a Volatile Economy Good for America?

Economic Turbulence

Is a Volatile Economy Good for America?

Clair Brown, John Haltiwanger, and Julia Lane

University of Chicago Press, 2006

Every day, in every sector of our economy, a business shuts down while another starts up, jobs are created while others are cut, and workers are hired while others are laid off. This constant flux, or turbulence, is a defining characteristic of our free market system, yet it mostly inspires angst about unemployment, loss of earnings, and the overall competitiveness of corporations. But is this endless cycle of fluctuation really so bad for America? Might something positive be going on in the economy as a result of it?

In this penetrating work, three esteemed economists seek to answer these questions by exploring the real impact of volatility on American workers and businesses alike. According to the authors, while any number of events--shifts in consumer demand, changes in technology, mergers and acquisitions, or increased competition--can contribute to economic turbulence, our economy as a whole is, by and large, stronger for it, because these processes of creation and destruction make it more flexible and adaptable. The authors also acknowledge and document the adverse consequences of this turbulence on different groups of workers and firms and discuss the resulting policy challenges. Basing their argument on an up-close look into the dealings and practices of five key industries—financial services, retail food services, trucking, semiconductors, and software—the authors demonstrate the positive effects of turbulence on career paths, employee earnings, and firm performance.

The first substantial attempt to disentangle and make clear the complexities of this phenomenon in the United States, Economic Turbulence will be viewed as a major achievement and the centerpiece of any discussion on the subject for years to come.

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cover of Front Page Economics

Front Page Economics

Gerald D. Suttles, with Mark D. Jacobs

University of Chicago Press, 2010

In an age when pundits constantly decry overt political bias in the media, we have naturally become skeptical of the news. But the bluntness of such critiques masks the highly sophisticated ways in which the media frame important stories. In Front Page Economics, Gerald Suttles delves deep into the archives to examine coverage of two major economic crashes—in 1929 and 1987—in order to systematically break down the way newspapers normalize crises.

Poring over the articles generated by the crashes—as well as the people in them, the writers who wrote them, and the cartoons that ran alongside them—Suttles uncovers dramatic changes between the ways the first and second crashes were reported. In the intervening half-century, an entire new economic language had arisen and the practice of business journalism had been completely altered. Both of these transformations, Suttles demonstrates, allowed journalists to describe the 1987 crash in a vocabulary that was normal and familiar to readers, rendering it routine.

A subtle and probing look at how ideologies are packaged and transmitted to the casual newspaper reader, Front Page Economics brims with important insights that shed light on our own economically tumultuous times.

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cover of Law of Accumulation and Breakdown of the Capitalist System

Law of Accumulation and Breakdown of the Capitalist System

Henryk Grossmann

Pluto Press, 1992

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cover of Money, Capital, and Fluctuations: Early Essays

Money, Capital, and Fluctuations

Early Essays

F. A. Hayek

University of Chicago Press, 1984

PREFACE AND ACKNOWLEDGMENTS

EDITOR'S INTRODUCTION

INTRODUCTION

1. THE MONETARY POLICY OF THE UNITED STATES AFTER THE RECOVERY FROM THE 1920 CRISIS (1925)
2. SOME REMARKS ON THE PROBLEM OF IMPUTATION (1926)
3. ON THE PROBLEM OF THE THEORY OF INTEREST (1927)
4. INTERTEMPORAL PRICE EQUILIBRIUM AND MOVEMENTS IN THE VALUE OF MONEY (1928)
5. THE FATE OF THE GOLD STANDARD (1932)
6. CAPITAL CONSUMPTION (1932)
7. ON 'NEUTRAL MONEY' (1933)
8. TECHNICAL PROGRESS AND EXCESS CAPACITY (1936)

Two reviews

MARGINAL UTILITY AND ECONOMIC CALCULATION (1925)
THE EXCHANGE VALUE OF MONEY (1929)

NAME INDEX
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cover of Political Business Cycles: The Political Economy of Money, Inflation, and Unemployment

Political Business Cycles

The Political Economy of Money, Inflation, and Unemployment

Thomas D. Willett, ed.

Duke University Press, 1988

The "political business cycle", according to economist William Nordhaus, creates a situation in which political and bureaucratic incentives create artificial economic booms just before elections, with consequent and deleterious side effects after the ballots are counted. This work examines the issue of whether federal governmental structure inevitably leaves the U.S. economy exposed to unhealthy political influences.
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cover of Prosperity without Greed: How to Save Ourselves from Capitalism

Prosperity without Greed

How to Save Ourselves from Capitalism

Sahra Wagenknecht

Campus Verlag, 2016

It is time to leave capitalism behind. In Prosperity without Greed, Sahra Wagenknecht shows that we live in a system of economic feudalism that has nothing to do with a free market economy, where the innovations we require to solve myriad important societal problems are not forthcoming. How can it be, Wagenknecht asks, that technological developments financed by the taxpayer end up enriching private companies even if those companies’ activities violate public interests? Through clear analysis and concrete proposals, Wagenknecht suggestss new forms of ownership and sketches the outlines of an innovative and just economy that instead promotes and rewards talent, real performance, and start-ups with groundbreaking ideas.
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cover of Settling the Boom: The Sites and Subjects of Bakken Oil

Settling the Boom

The Sites and Subjects of Bakken Oil

Mary E. Thomas

University of Minnesota Press, 2023

Examines how settler colonial and sexist infrastructures and narratives order a resource boom

Over the past decade, new oil plays have unsettled U.S. energy landscapes and imaginaries. Settling the Boom studies how the disruptive forces of an oil boom in the northern Great Plains are contained through the extension of settler temporalities, reassertions of heteropatriarchy, and the tethering of life to the volatility of oil and its cruel optimisms.

This collection reveals the results of sustained research in Williston, North Dakota, the epicenter of the “Bakken Boom.” While the boom brought a rapid influx of capital and workers, the book questions simple timelines of before and after. Instead, Settling the Boom demonstrates how the unsettling forces of an oil play resolve through normative narratives and material and affective infrastructures that support settler colonialism’s violent extension and its gendered orders of time and space. Considering a wide range of evidence, from urban and regional policy, interviews with city officials, media, photography, and film, these essays analyze the ongoing material, aesthetic, and narrative ways of life and land in the Bakken.

Contributors: Morgan Adamson, Macalester College; Kai Bosworth, Virginia Commonwealth U; Thomas S. Davis, Ohio State U; Jessica Lehman, Durham U.

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cover of The American Business Cycle: Continuity and Change

The American Business Cycle

Continuity and Change

Edited by Robert J. Gordon

University of Chicago Press, 1986

In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. These circumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are "like the beat of the heart, of the essence of the organism that displays them."

In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations.

Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the labor market. Five papers focus on aggregate economic activity. In a number of cases, the papers present findings that challenge widely accepted models and assumptions. In addition to its substantive findings, The American Business Cycle includes an appendix containing both the first published history of the NBER business-cycle dating chronology and many previously unpublished historical data series.
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cover of The Risk of Economic Crisis

The Risk of Economic Crisis

Edited by Martin Feldstein

University of Chicago Press, 1991

The stunning collapse of the thrift industry, the major stock slump of 1987, rising corporate debt, wild fluctuations of currency exchange rates, and a rash of defaults on developing country debts have revived fading memories of the Great Depression and fueled fears of an impending economic crisis. Under what conditions are financial markets vulnerable to disruption and what economic consequences ensue when these markets break down?

In this accessible and thought-provoking volume, Benjamin M. Friedman investigates the origins of financial crisis in domestic capital markets, Paul Krugman examines the international origins and transmission of financial and economic crises, and Lawrence H. Summers explores the transition from financial crisis to economic collapse. In the introductory essay, Martin Feldstein reviews the major financial problems of the 1980s and discusses lessons to be learned from this experience. The book also contains provocative observations by senior academics and others who have played leading roles in business and government.
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cover of Understanding Economic Recovery in the 1930s: Endogenous Propagation in the Great Depression

Understanding Economic Recovery in the 1930s

Endogenous Propagation in the Great Depression

Frank G. Steindl

University of Michigan Press, 2003

Although much has been published about the economic downturn that began in mid-1929, very little has been written about the recovery from this cataclysmic period. Long, tortuous, and uneven as it was, there was indeed a recovery. In this important book, Steindl explores the much-neglected topic of the recovery, concentrating in particular on the macroeconomic developments responsible for the move back to a pre-Depression level economy.
Providing strong evidence for the role of the quantity of money in the revitalization, the author ultimately concludes that the seemingly robust monetary explanation of the recovery is deficient, as is any that relies principally on aggregate demand impulses. An accurate understanding of this phenomenon must account for the inherent tendency of the economy to revert to its long-run high employment trend.
Frank G. Steindl is Regents Professor of Economics and Ardmore Professor of Business Administration, Oklahoma State University.
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cover of Why the Poor Get Richer and the Rich Slow Down: Essays in the Marshallian Long Period

Why the Poor Get Richer and the Rich Slow Down

Essays in the Marshallian Long Period

By W. W. Rostow

University of Texas Press, 1980

Bearing on fundamental issues of economic theory, history, and public policy, this volume elaborates and goes beyond themes enunciated in W. W. Rostow's previous works. The eight essays presented here are unified by the author's insistence that neo-Keynesian and neoclassical theory are an inadequate basis for economic analysis and policy prescription. Changes in technology and in the supply of energy, food, and raw materials, he contends, must be taken into account. The scale and character of the investments required to respond to these changes link his analysis back to conventional income analysis. Rostow outlines in several contexts the framework for a general, disaggregated theory of production and prices that meets this criterion.

The theoretical and historical essays include a review and unification of various long-cycle theories; a formal mathematical model of the Kondratieff cycle; a review of theories relating technology and the price system, including Rostow's own formulation of the appropriate linkage; a lengthy analysis of the pre-1914 relation between money and prices, including a detailed critique of modern monetarist interpretations; and an analysis of the proposition that economic growth assumes an S-shaped path of acceleration and deceleration.

The policy essays include an examination of the links between energy-related investment, full employment, and patterns of regional development in the United States; the discussion of an appropriate framework and procedure for North-South international economic negotiations; and the text of a 1965 talk on inflation that touches on the relations among economics, economists, and the performance of societies as a whole.

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cover of Workers in Hard Times: A Long View of Economic Crises

Workers in Hard Times

A Long View of Economic Crises

Edited by Leon Fink, Joseph A. McCartin, and Joan Sangster

University of Illinois Press, 2020

Seeking to historicize the 2007-2009 Great Recession, this volume of essays situates the current economic crisis and its impact on workers in the context of previous abrupt shifts in the modern-day capitalist marketplace. Contributors use examples from industrialized North America, South America, Europe, Asia, and Australia to demonstrate how workers and states have responded to those shifts and to their disempowering effects on labor.

Since the Industrial Revolution, contributors argue, factors such as race, sex, and state intervention have mediated both the effect of economic depressions on workers' lives and workers' responses to those depressions. Contributors also posit a varying dynamic between political upheaval and economic crises, and between workers and the welfare state.

The volume ends with an examination of today's "Great Recession": its historical distinctiveness, its connection to neoliberalism, and its attendant expressions of worker status and agency around the world. A sobering conclusion lays out a likely future for workers--one not far removed from the instability and privation of the nineteenth century.

The essays in this volume offer up no easy solutions to the challenges facing today's workers. Nevertheless, they make clear that cogent historical thinking is crucial to understanding those challenges, and they push us toward a rethinking of the relationship between capital and labor, the waged and unwaged, and the employed and jobless.

Contributors are Sven Beckert, Sean Cadigan, Leon Fink, Alvin Finkel, Wendy Goldman, Gaetan Heroux, Joseph A. McCartin, David Montgomery, Edward Montgomery, Scott Reynolds Nelson, Melanie Nolan, Bryan D. Palmer, Joan Sangster, Judith Stein, Hilary Wainright, and Lu Zhang.

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