A Revision of the US Business-Cycles Chronology 1790–1928
AbstractThis article extends earlier efforts at redating the US business cycles for the 1790â1928 period using the real Gross Domestic Product (GDP) constructed by Johnson and Williamson (2007). We compare the alternative chronology with those of the NBER and Davis (2006) as well as Romer (1994) for the postbellum period. The resulting chronology alters more than 50% percent of the peaks and troughs identified by the NBER and Davis's chronologies, especially during the antebellum period, and removes those cycles long considered the most question- able, as growth or industrial cycles. An important result of the new chronology is the lack of discernible differences in the frequency and duration of US busi- ness cycles among the antebellum and postbellum periods. We also find that the average frequency and duration of contractions are less important than those of expansions.
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Bibliographic InfoPaper provided by Association Française de Cliométrie (AFC) in its series Working Papers with number 11-01.
Length: 14 pages
Date of creation: 2011
Date of revision:
Other versions of this item:
- Amélie Charles & Olivier Darné & Claude Diebolt, 2011. "A Revision of the US Business- Cycles Chronology 1790–1928," Working Papers hal-00570304, HAL.
- NEP-ALL-2011-04-23 (All new papers)
- NEP-BEC-2011-04-23 (Business Economics)
- NEP-CBA-2011-04-23 (Central Banking)
- NEP-HIS-2011-04-23 (Business, Economic & Financial History)
- NEP-MAC-2011-04-23 (Macroeconomics)
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