Industrial restructuring, financial instability, and the dynamics of the postwar U.S. economy / David J. Carrier.

Format:

Book

Author/Creator:

Carrier, David J., author.

Series:

Routledge Library Editions: Business Cycles

Routledge Library Editions: Business Cycles ; Volume 1

Language:

English

Subjects (All):

Business cycles--United States--Econometric models.

Business cycles.

Gross domestic product--United States--Econometric models.

Gross domestic product.

United States--Economic conditions--1945---Econometric models.

United States.

Physical Description:

1 online resource (242 p.)

Edition:

1st ed.

Place of Publication:

London ; New York : Routledge, 2015.

Language Note:

English

Summary:

This volume, originally published in 1997, examines the combined effect of financial instability and industrial restructuring on postwar economic growth and recession in the US. It sheds light on the fundamental question of whether or not these trends are positive for the economy as a whole. To explain the cyclical nature of investment and finance, institutional theory regarding financial instability is examined in depth and related to Minsky's analysis of investment behaviour. The author has created an empirical model of this behaviour which, he claims, accurately predicts historical consumpt

Contents:

Cover; Half Title; Title Page; Copyright Page; Original Title Page; Original Copyright Page; Dedication; Table of Contents; Tables; Figures; Preface; Introduction; Acknowledgments; I. What Did Economists Learn from the Great Depression?; Wesley Clair Mitchell; Geoffrey Moore; Jan Tinbergen; Robert A. Gordon; Victor Zarnowitz; Howard Sherman; II. How Chaos Killed the Auctioneer; Macroeconomic chaos; Theoretical implications of chaos; Chaos and the future of modeling; III. Macroeconomic Effects of Industrial Restructuring; Methodology and source data; Returns to factors of production

Intermediate and final demandProductivity and unit labor costs; Returns to capital; Employment and earnings; Conclusions; IV. Consumption Patterns and the Multiplier; Consumer credit and the propensity to consume; Consumption multipliers by income type; Consumption multipliers by industry; V. Finance, Investment, and the Business Cycle; Data and measurement; Mainstream investment theory; Financial institutions; Firms; The Federal Reserve; Endogenous money and credit; Minsky's investment theory; VI. An Empirical Model of Investment and Finance; Linear vs. nonlinear estimation

The model and explanatory variablesInvestment model specification; Linear estimates; Nonlinear estimates; VII. A Multiplier-Accelerator Simulation Model; Derivation of stability conditions; Historical stability conditions; Simulations of factors affecting stability; Conclusions; Appendix; I. Data sources and compatibility; II. The input-output transactions table; III. Aggregation of input-output industries; IV. Data values for figures 2.1-2.12; Bibliography; Index

Notes:

First published in 1997.

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (ebrary, viewed April 13, 2015).

ISBN:

1-138-86070-0

1-315-71636-4

1-317-50677-4

9781315716367

OCLC:

958109469