Business Cycle Theory

Author: Lutz G. Arnold
List Price: $29.95
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ISBN: 0199256829
Publisher: Oxford University Press (October, 2002)
Sales Rank: 703,950
Average Customer Rating: 2 out of 5

Customer Reviews

Rating: 2 out of 5
Linear business cycle theory.
There are two classes of business cycle theories: linear and nonlinear. The linear ones assume random shocks excite the resonnant mode, producing cycles. The nonlinear ones develop from limit cycles and their generalizations, and have no exogenous forcing function. In my opinion, the nonlinear models are much closer to real economics than the linear ones.
Arnold only presents linear theories, and thus is very intellectually limited. MH Dore, The Macrodynamics of Business Cycles, 1993, presents both types and is far superior.

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