An exploration into Pigou ’ s theory of cycles

  title={An exploration into Pigou ’ s theory of cycles},
  author={Paul Beaudrya and Franck Portierd},
  • Paul Beaudrya, Franck Portierd
  • Published 2004
This paper explores a theory of business cycles in which recessions and booms arise due to difficulties encountered by agents in properly forecasting the economy’s future needs in terms of capital. The idea has a long history in the macroeconomic literature, as reflected by the work of Pigou (Industrial Fluctuation, MacMillan, London, 1926). The contribution of this paper is twofold. First, we illustrate the type of general equilibrium structure that can give rise to such phenomena. Second, we… CONTINUE READING
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