scholarly journals Idea neutralności pieniądza a wybrane nurty ekonomii

Ekonomia ◽  
2019 ◽  
Vol 25 (1) ◽  
pp. 55-72
Author(s):  
Dawid Mikołajczak
Keyword(s):  
Business Cycle ◽  
David Hume ◽  
Real Business Cycle ◽  
Short Term ◽  
The Real ◽  
Mainstream Economics ◽  
Monetary Economy ◽  
History Of ◽  
Monetary Neutrality ◽  
The Moment

Money neutrality and selected currents in economicsThe history of the idea of neutrality of money begins with David Hume. There are at least five types of money neutrality. They could be grouped into neutrality relating to the moment static neutrality and institutional neutrality and neutrality relating to the period dynamic neutrality, superneutrality, monetary neutrality. In mainstream economics, views on neutrality have changed over the years. Monetarism has differentiated views on the neutrality of money. The Austrian school remains sceptical about this simplification of the monetary economy. The theory of the real business cycle accepts any kind of neutrality in the period, and neutrality at the moment is not an important issue for it. Keynesianism focuses on neutrality in the short term and is sceptical about it.

REAL BUSINESS CYCLES AFTER THREE DECADES

2013 ◽  
Vol 19 (2) ◽  
pp. 425-445
Author(s):  
Sumru Altug ◽  
Warren Young
Keyword(s):  
Social Sciences ◽  
Business Cycles ◽  
Business Cycle ◽  
Panel Discussion ◽  
Real Business Cycle ◽  
Real Business Cycles ◽  
Macroeconomic Analysis ◽  
Time To Build ◽  
History Of ◽  
Recent Financial Crisis

The transcript of a panel discussion marking three decades of the real business cycle approach to macroeconomic analysis as manifested in Kydland and Prescott's “Time to Build” (Econometrica, 1982) and Long and Plosser's “Real Business Cycles” (Journal of Political Economy, 1983). The panel consists of Edward Prescott, Finn Kydland, Charles Plosser, John Long, Thomas Cooley, and Gary Hansen. The discussion is moderated by Sumru Altug and Warren Young. The panel touches on a wide variety of issues related to real business cycle models, including their history and methodology, starting with the work of Prescott and Kydland at Carnegie Tech and Plosser and Long at Rochester; their applications to policy; and their role in the recent financial crisis and likely future.The panel discussion was held in a session sponsored by the History of Economics Society at the Allied Social Sciences Association (ASSA) meetings in the Randle A Room of the Manchester Grand Hyatt Hotel in San Diego, California.

scholarly journals Journal of the History of Economic Thought Preprints - Limits to Arbitrage and Interest Rates: A Debate Between Keynes, Hawtrey and Hicks

2018 ◽  
Author(s):  
Lucy BRILLANT
Keyword(s):  
Business Cycle ◽  
Central Bank ◽  
Interest Rates ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Short Term ◽  
Limits To Arbitrage ◽  
History Of ◽  
The Business Cycle

This paper deals with a debate between Hawtrey, Hicks and Keynes concerning the capacity of the central bank to influence the short-term and the long-term rates of interest. Both Hawtrey and Keynes considered the central bank’s ability to influence short-term rates of interest. However, they do not put the same emphasis on the study of the long-term rates of interest. According to Keynes, long-term rates are influenced by future expected short-term rates (1930, 1936), whereas for Hawtrey (1932, 1937, 1938), long-term rates are more dependent on the business cycle. Short-term rates do not have much effect on long-term rates according to Hawtrey. In 1939, Hicks enters the controversy, giving credit to both Hawtrey’s and Keynes’s theories, and also introducing limits to the operations of arbitrage. He thus presented a nuanced view.

scholarly journals NEW PERSPECTIVES ON HENRY LUDWELL MOORE’S USE OF HARMONIC ANALYSIS

2020 ◽  
pp. 1-14
Author(s):  
Paul Turner ◽  
Justine Wood
Keyword(s):  
Business Cycle ◽  
Harmonic Analysis ◽  
Fourier Transformation ◽  
Real Business Cycle ◽  
Business Cycle Theory ◽  
Empirical Economics ◽  
History Of ◽  
Complete Failure ◽  
The Business Cycle ◽  
The Relationship

This paper reconsiders the contribution of Henry Ludwell Moore to dynamic economics through the use of harmonic analysis. We show that Moore’s analysis is innovative in its use of the Fourier transformation for the identification of cycles with different periodicities. This enables Moore to identify cycles of longer length with more precision than would be the case for the standard methodology. We are able to replicate the main features of his results and confirm the existence of a rainfall cycle with a periodicity similar to that of the business cycle (eight years). However, we find that the evidence for a longer (thirty-three-year) rainfall cycle is weaker than Moore indicates. We also argue that a central theme of Moore’s analysis—the relationship among rainfall, agricultural productivity, and the business cycle—marks an early precursor of the “real business cycle” approach. George Stigler’s (1962) dismissal of Moore’s work on cycles as “a complete failure” is therefore, in our opinion, unfair. Instead, we argue that, although his work is certainly flawed, it nevertheless deserves a place in both the history of business cycle theory and empirical economics.

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