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Permanent and Transitory Components in Macroeconomics

In: Business Cycles

Author

Listed:
  • Marco Lippi

    (UniversitÀ di modena)

  • Lucrezia Reichlin

    (Ofce)

Abstract

The Keynesian approach to macroeconomics, which prevailed until the end of the 1960s, distinguished quite neatly between those forces that drive the economic system along its long-run path and forces causing fluctuations around that path. Macroeconomists were mainly concerned with these latter, and since excessive fluctuations were considered as undesirable, or even politically and socially dangerous, the most important aim was to provide suitable techniques to reduce their amplitude.

Suggested Citation

  • Marco Lippi & Lucrezia Reichlin, 1991. "Permanent and Transitory Components in Macroeconomics," International Economic Association Series, in: Niels Thygesen & Kumaraswamy Velupillai & Stefano Zambelli (ed.), Business Cycles, chapter 13, pages 331-367, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11570-9_13
    DOI: 10.1007/978-1-349-11570-9_13
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    Cited by:

    1. Michelacci, Claudio & Zaffaroni, Paolo, 2000. "(Fractional) beta convergence," Journal of Monetary Economics, Elsevier, vol. 45(1), pages 129-153, February.
    2. Schlitzer, Giuseppe, 1995. "Testing the stationarity of economic time series: further Monte Carlo evidence," Ricerche Economiche, Elsevier, vol. 49(2), pages 125-144, June.

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