Money, Banking, and the Business Cycle Volume Two Remedies and Alter
The business cycle is a complex phenomenon. On the surface, it involves a multitude of mechanisms, such as oscillations in interest rates, prices, wages, unemployment, output, and spending. But a deeper understanding requires a unifying theory to make the
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Copyright material from www.palgraveconnect.com - licensed to City University London - PalgraveConnect - 2016-04-25
Money, Banking, and the Business Cycle
10.1057/9781137336569 - Money, Banking, and the Business Cycle, Brian P. Simpson
Also by Brian P. Simpson
Copyright material from www.palgraveconnect.com - licensed to City University London - PalgraveConnect - 2016-04-25
Money, Banking, and the Business Cycle, Volume 1: Integrating Theory and Practice Markets Don’t Fail!
10.1057/9781137336569 - Money, Banking, and the Business Cycle, Brian P. Simpson
Remedies and Alternative Theories
Volume Two
B r ian P. S impso n
10.1057/9781137336569 - Money, Banking, and the Business Cycle, Brian P. Simpson
Copyright material from www.palgraveconnect.com - licensed to City University London - PalgraveConnect - 2016-04-25
Mon e y, Ba n k i ng, a n d t h e Busi n ess C yc l e
MONEY, BANKING, AND THE BUSINESS CYCLE
Copyright © Brian P. Simpson, 2014. All rights reserved.
Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN: 978–1–137–34077–1 Library of Congress Cataloging-in-Publication Data Simpson, Brian P., 1966– Money, banking, and the business cycle : integrating theory and practice / Brian P. Simpson. volumes ; cm Includes bibliographical references and index. ISBN 978–1–137–33531–9 (hardback) 1. Business cycles. 2. Monetary policy. 3. Banks and banking. I. Title. HB3714.S56 2014 338.5⬘42—dc23
2013044047
A catalogue record of the book is available from the British Library. Design by Newgen Knowledge Works (P) Ltd., Chennai, India. First edition: July 2014 10 9 8 7 6 5 4 3 2 1
10.1057/9781137336569 - Money, Banking, and the Business Cycle, Brian P. Simpson
Copyright material from www.palgraveconnect.com - licensed to City University London - PalgraveConnect - 2016-04-25
First published in 2014 by PALGRAVE MACMILLAN® in the United States— a division of St. Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010.
10.1057/9781137336569 - Money, Banking, and the Business Cycle, Brian P. Simpson
Copyright material from www.palgraveconnect.com - licensed to City University London - PalgraveConnect - 2016-04-25
To Annaliese Cassarino, my wife, and Charles and JoAnn Simpson, my parents
10.1057/9781137336569 - Money, Banking, and the Business Cycle, Brian P. Simpson
Copyright material from www.palgraveconnect.com - licensed to City University London - PalgraveConnect - 2016-04-25
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Preface
ix
Acknowledgments
xi
Introduction
1
Part I Refutation of Alternative Explanations of the Business Cycle 1 2 3
Underconsumption
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