The current state of the theory of cycles

Name: The current state of the theory of cycles
Brand: Vita e Pensiero
Price: 6.00 EUR
Availability: OnlineOnly

digital

Article

Magazine

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI

Issue

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2013 - 3-4

Title

The current state of the theory of cycles

Author

Vittorio Marrama

Publisher

Vita e Pensiero

Format

Article |

Pdf

Pages

Online from

03-2014

Issn

0035-676X (print) | 1827-7918 (digital)

€ 6.00

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Description

The article offers a review of modern business cycle theory as developed in the first half of XX century. Marrama analyses the extent of economic literature on these topics, pinpointing the main strands of thought and tools used by business cycle economists. The categorization is set forth according to the different methods adopted. Three of these categories are considered as the most important for understanding the current state of business cycle theory: cyclical aggregative models (using a deductive method only); econometrical aggregative models (deductive and inductive method); empirical researches (inductive method only). The A. shows how the increasing dissatisfaction both with the theoretical models formulated by post-keynesian economists and with empirical research on innumerable particular cycles as provided by the NBER group, was leading to a new synthesis centering on the building up of econometric models.