Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...

This paper examines the dynamics of Keynesian models that incorporate feedback effects from the labor market to income distribution, investment, aggregate demand and output. A baseline version of the model can generate endogenous growth cycles, but cumulative divergence and economic collapse...

Liberalisierungspolitik bezeichnet die politisch herbeigeführte und politisch legitimierte Delegation von Allokations- und Distributionsentscheidungen an Märkte und zielt auf Durchsetzung der Prinzipien der Eigenverantwortung, der dezentralen Entscheidungsfindung und der Konkurrenz. Viele...