Business cycle theory is a broad and disparate field. Different schools of thought offer alternative explanations for cycles, often using different mathematical methods. This book provides academics and graduate students of economics with a compact and accessible exposition of business cycle theory since Keynes. The author places the main theories -- Keynesian economics, monetarism, new classical economics, the real business cycles theory, and new Keynesian economics -- in an historical context by presenting them in the chronological order of their appearance and highlighting their differences and commonalities. He minimizes the necessary mathematical prerequisites by using a unifying mathematical approach: stochastic second-order difference equations, which is explained in detail. Throughout the book, the international dimension of business cycles is acknowledged. The theoretical results obtained are set alongside empirical facts in separate boxes. Each chapter finishes with a set of problems designed to deepen the reader's understanding of the theories presented, and further reading sections which provide access to related material.

About the Author
Lutz G. Arnold has been Professor of Economics at the University of Regensburg since May 2001, at which time he was the youngest professor of economics in Germany. He received his Ph.D. from the University of Dortmund and was awarded the EEA Young Economist Award 2000 for his work on growth and international trade. His current research focuses upon growth, business cycles, international trade, and financial markets.

Reviews
I commend the author for his command of the subject and for tackling an ambitious project in a readable and illuminating way. * Journal of Economics11/02/2004 *
I can see the book fitting well into a European undergraduate course on the historical development of business cycle ideas. * Journal of Economics11/02/2004 *



Book Information
ISBN 9780199256822
Author Lutz G. Arnold
Format Paperback
Page Count 176
Imprint Oxford University Press
Publisher Oxford University Press
Weight(grams) 264g
Dimensions(mm) 233mm * 156mm * 14mm