Business Cycles: Theory, History, Indicators, and Forecasting (Volume 27) (National Bureau of Economic Research Studies in Business Cycles) - Softcover

Zarnowitz, Victor

Softcover

ISBN 10: 0226978915 ISBN 13: 9780226978918

Publisher: University of Chicago Press, 1996

Synopsis

This volume presents the most complete collection available of the work of Victor Zarnowitz, a leader in the study of business cycles, growth, inflation, and forecasting..

With characteristic insight, Zarnowitz examines theories of the business cycle, including Keynesian and monetary theories and more recent rational expectation and real business cycle theories. He also measures trends and cycles in economic activity; evaluates the performance of leading indicators and their composite measures; surveys forecasting tools and performance of business and academic economists; discusses historical changes in the nature and sources of business cycles; and analyzes how successfully forecasting firms and economists predict such key economic variables as interest rates and inflation.

About this title

From the Back Cover:

Victor Zarnowitz has long been a leader in the study of business cycles, growth, inflation, and forecasting. These papers represent a carefully integrated and up-to-date study of business cycles, reexamining some of his earlier research as well as addressing recent developments in the literature and in history. In part one, Zarnowitz reviews with characteristic insight various theories of the business cycle, including Keynesian and monetary theories as well as more recent rational expectations and real business cycle theories. In doing so, he examines how the business cycle may have changed as the size of government, the exercise of fiscal and monetary policies, the openness of the economy to international forces, and the industrial structure have evolved over time. Emphasizing important research from the 1980s, Zarnowitz discusses in part two various measures of the trends and cycles in economic activity, including output, prices, inventories, investment in residential and nonresidential structures, equipment, and other economic variables. Here the author explores the duration and severity of U.S. business cycles over more than 150 years, and evaluates the ability of macro models to simulate past behavior of the economy. In part three the performance of leading, coincident, and lagging indicators is described and assessed and evidence is presented on the value of their composite measures. Finally, part four offers an analysis of the degree of success of large commercial forecasting firms and of many individual economists in predicting the course of inflation, real growth, unemployment, interest rates, and other key economic variables. Business Cycles is a timely study, certain tobecome a basic reference for professional forecasters and economists in government, academia, and the business community.

About the Author:

VICTOR ZARNOWITZ is one of the world's leading authorities on business cycles, business indicators, and forecast evaluation. He is Senior Fellow and Economic Counselor to the Conference Board. Dr. Zarnowitz is also Professor Emeritus of Economics and Finance, Graduate School of Business, The University of Chicago, and Research Associate, National Bureau of Economic Research. The recipient of many awards and honors, he is the author of Business Cycles: Theory, History, Indicators, and Forecasting.

About this edition

• Publisher: University of Chicago Press
• Publication date: 1996
• ISBN 10: 0226978915
• ISBN 13: 9780226978918
• Binding: Paperback
• Number of pages: 614