A Framework for the Appraisal of Economic Crises
Abstract
This paper presents a framework to integrate thoughts on business cycles. The model is a two-sided frameworkthat capture thoughts on business cycles that is reminiscent of Newton’s law ô€œ¨ = ô€‰ô€œ½in Physics, though it is not as mechanical. One side (ô€œ¨) deals with policies, while the other side (ô€‰ô€œ½) deals with the market mechanism such as in general equilibrium analysis. Any distortion in a sectoron the ô€‰ô€œ½-side cantrigger a policy action on the ô€œ¨-side. The framework opens up a learning process that allows us to understand business cycles, and to steer the economy to desired goals.
Full Text: PDF
Abstract
This paper presents a framework to integrate thoughts on business cycles. The model is a two-sided frameworkthat capture thoughts on business cycles that is reminiscent of Newton’s law ô€œ¨ = ô€‰ô€œ½in Physics, though it is not as mechanical. One side (ô€œ¨) deals with policies, while the other side (ô€‰ô€œ½) deals with the market mechanism such as in general equilibrium analysis. Any distortion in a sectoron the ô€‰ô€œ½-side cantrigger a policy action on the ô€œ¨-side. The framework opens up a learning process that allows us to understand business cycles, and to steer the economy to desired goals.
Full Text: PDF
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