The American business cycle

Description

In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. These circumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are "like the beat of the heart, of the essence of the organism that displays them." In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations. Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the labor market. Five papers focus on aggregate economic activity. In a number of cases, the papers present findings that challenge widely accepted models and assumptions. In addition to its substantive findings, The American Business Cycle includes an appendix containing both the first published history of the NBER business-cycle dating chronology and many previously unpublished historical data series.

First Sentence

The business cycle has persisted in the postwar period, producing eight separate episodes of systematic fluctuations.

Subjects

Series Statement

• Studies in business cycles -- v. 25

Other Editions

• The American business cycle: continuity and changeUniversity of Chicago Press1990-01-01
• The American business cycleUniversity of Chicago Press1986-01-01
• The American Business CycleHardcoverUniv of Chicago Pr (Tx)1986-09-01
• The American Business CyclePaperbackUniversity Of Chicago Press1990-01-15
• The American Business CycleeBookUniversity of Chicago Press2008-01-01
• American Business CycleUniversity of Chicago Press2010-01-01