Yii6 Waldemar Jahnsson, 1877-1936, was Professor of Economics at the Institute of Technology, Helsinki. In 1954, his wife Hilma Jahnsson established, in accordance with her husband's wishes, @ foundation. The specific purpose of the Yrj6 Jansson Foundation is 10 promote economic research in Firiland. To this end the Foundation supports the work of individual scholars and institutions by awarding them scholarships and granus. It also invites internationally renowned economists to Finland to give courses of lectures which are then published in this series. YRIO JAHNSSON LECTURES Kenneth J. Arrow Aspects of the Theory of Risk-Bearing Assar Lindbeck Monetary-Fiscal Analysis and General Equilibrium L.R. Klein An Essay on the Theory of Economic Prediction Harry G. Johnson The Two-Sector Model of General Equilibrium John Hicks The Crisis in Keynesian Economics E. Malinvaud The Theory of Unemployment Reconsidered James Tobin Asset Accumulation and Economic Activity Janos Kornai Growth, Shortage and Efficiency Jacques H. Dréze Labour Management and Labour Contracts“YRJO JAHNSSON LECTURES Models of Business Cycles Robert E. Lucas Jr Basil BlackwellContents Preface MobELs oF Business Cycles Section I Section II Section IT Section IV Section V Section VI Section VII Section VIII Index vii 20 32 48 70 85 103 109