Total Business Fluctuations

Total Current Fluctuations in ASEP

A limit theorem for the total current in the asymmetric simple exclusion process (ASEP) with step initial condition is proved. This extends the result of Johansson on TASEP to ASEP.

Business fluctuations in an evolving network economy

Commentary on ' Financial Factors in Business Fluctuations ' '

This paper reflects one of the important trends in macro thinking about corporate finance: There is an internal economic life of the firm where the most important decisions-employment, investment, production-are made. The players within the firm are the salaried managers of the firm and the workers. Quite separately, there are wealthy individuals and institutions who provide finance for these a...

Fluctuations in Confidence and Asymmetric Business Cycles

There is now a great deal of empirical evidence that business cycle uctuations contain asymmetries. The asymmetries found in post-war US data are inconsistent with the behavior of the US economy in the Great Depression. In a model where business cycle asymmetries are produced by rational uctuations in the con dence of investors, I examine whether this inconsistency can be explained by di erence...

9008 Sticky Prices , Money , and Business Fluctuations

Can nominal contracts create monetary nonneutrality if they arise endogenously in general equilibrium? Yes, if (1) agents have complete information about the money stock and (2) shocks to the system are purely redistributive and private information, precluding conventional insurance markets. Without contracts, money is neutral toward aggregate quantities. However, risk-sharing between suppliers...