Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/79466
Authors: 
Nikiforos, Michalis
Year of Publication: 
2013
Series/Report no.: 
Working Paper, Levy Economics Institute 770
Abstract: 
This paper presents a discussion of the forces at play behind the economic fluctuations in the medium run and their relation with the short-run macroeconomic equilibrium. The business cycle is the result of two separate phenomena. On the one hand, there is the instability caused by the discrepancy between expected and realized outcomes. On the other hand, this instability is contained by the inherent contradictions of capitalism; the upswing carries within it the seeds of its own destruction. The same happens with the downswing. The paper provides a formal exposition of these insights, a discussion of how the formulation of this mechanism resembles the simple harmonic motion of classical mechanics, and an empirical evaluation.
Subjects: 
Cycles
Harrod
Oscillations
Distribution
JEL: 
B22
E11
E12
E33
Document Type: 
Working Paper

Files in This Item:
File
Size
849.39 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.