The Dominant Theories

  • Ian Boyd
  • John M. Blatt


This chapter is addressed to the main modern theories of the trade cycle, showing that these theories, which are couched in purely “real” terms, do not fit the facts. In the case of the most widely accepted theory, that the economy is fundamentally stable but subject to random shocks, we go into some statistical and mathematical detail.


Trade Cycle Real Wage Econometric Model Reflection Property Balance Growth Path 
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Copyright information

© Springer-Verlag Berlin Heidelberg 1988

Authors and Affiliations

  • Ian Boyd
    • 1
  • John M. Blatt
    • 2
  1. 1.GMB Research and Development Pty. Ltd.SydneyAustralia
  2. 2.Haifa UniversityHaifaIsrael

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