The Labor Market and Business Cycle Theories

  • Piero Ferri
  • Edward Greenberg

Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 325)

Table of contents

  1. Front Matter
    Pages N2-X
  2. Piero Ferri, Edward Greenberg
    Pages 1-10
  3. Piero Ferri, Edward Greenberg
    Pages 11-26
  4. Piero Ferri, Edward Greenberg
    Pages 46-64
  5. Piero Ferri, Edward Greenberg
    Pages 65-83
  6. Piero Ferri, Edward Greenberg
    Pages 84-105
  7. Piero Ferri, Edward Greenberg
    Pages 106-119
  8. Piero Ferri, Edward Greenberg
    Pages 120-143
  9. Piero Ferri, Edward Greenberg
    Pages 144-159
  10. Piero Ferri, Edward Greenberg
    Pages 160-167
  11. Back Matter
    Pages 168-187

About this book


Interest in business cycles has had its 'ups and downs'. After a period of almost steady state growth and of economic tranquility, when the business cycle seemed to be obsolete, the turbulence of the 70s and 80s has contributedto a renewed interest in the topic. Important analytical and methodological innovations have also favored the present abundance of contributions. Four innovations are of particular importance: i. microfoundations ii. nonlinearities iii. stochastic variables iv. real aspects. Both Classical macroeconomics and new-Keynesian approaches seem to share these characteristics, which apply both to endogenous and exogenous explanations of the cycle. The distance separating the newer literature from its forebears seems vast. Previously, cycle theory was characterized by a macro approach and utilized nonlinearities either through piecewise 'linear models or with the aid of Classical theorems in the field of dynamic systems. To consider and to compare the old and the new literature on business cycles is one of the goals of this book. To narrow the distance separating them is another goal of this research. We do not try to bridge it, but rather to revisit the former tradition with new tools. Finally, a particular emphasis is put on the 'ceilings and floors' type of literature. One of us has written a D. Phil. thesis with Sir John Hicks, and both have worked with H. P. Minsky. Hicks, along with Goodwin, introdu. ced the concept of ceilings and floors into business cycle analysis, and Minsky made important contributions to the area.


Keynes business cycle econometrics economics employment equilibrium instability labor market nonlinearity simulation stability strategy unemployment

Authors and affiliations

  • Piero Ferri
    • 1
  • Edward Greenberg
    • 2
  1. 1.University of BergamoBergamoItaly
  2. 2.Department of EconomicsWashington UniversitySt. LouisUSA

Bibliographic information

  • DOI
  • Copyright Information Springer-Verlag Berlin Heidelberg 1989
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-540-50866-3
  • Online ISBN 978-3-662-00831-7
  • Series Print ISSN 0075-8442
  • Buy this book on publisher's site
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Finance, Business & Banking