THE EVOLUTION OF ENDOGENOUS BUSINESS CYCLES
THE EVOLUTION OF ENDOGENOUS BUSINESS CYCLES
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DOI：
10.1017/s1365100514000248
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发表时间：
2016-03-01
影响因子：
0.9
通讯作者：
Farmer, Roger E. A.
中科院分区：
文献类型：
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作者：
Farmer, Roger E. A.
本文区分了两种内生经济周期模型：表现为动态不确定性的EBC1模型和表现为稳态不确定性的EBC2模型。这两种文学都起源于20世纪80年代在宾夕法尼亚大学发展起来的太阳黑子文学。我认为EBC1模型是现代宏观经济学演变的一部分，其古典根源可以追溯到20世纪20年代。EBC2模型为凯恩斯（1936）的《就业、利息和货币通论》（General Theory of Employment, Interest and Money）中最重要的观点之一提供了微观基础：非自愿的高失业率可以作为市场经济稳态平衡的一部分持续存在。
This paper distinguishes two kinds of endogenous business cycle models: EBC1 models, which display dynamic indeterminacy, and EBC2 models, which display steady-state indeterminacy. Both strands of the literature have their origins in the sunspot literature that developed at the University of Pennsylvania in the 1980s. I argue that EBC1 models are part of the evolution of modern macroeconomics that has classical roots dating back to the 1920s. EBC2 models provide a microfoundation for one of the most important ideas to emerge from Keynes's (1936) General Theory of Employment, Interest and Money: that high involuntary unemployment can persist as part of the steady-state equilibrium of a market economy.