Have Postwar Economic Fluctuations Been Stabilized?
Previous investigations of whether the volatility of the U.S. economy diminished after World War II have been inconclusive because of questionable prewar macroeconomic aggregates. We examine, more broadly, the hypothesis of the stabilization of the postwar economy by focusing on the duration of business cycles, rather than their amplitude; in the process, we avoid the debate about the quality of prewar aggregates. Using distribution-free statistics, we find clear evidence of postwar duration stabilization in terms of a shift toward longer expansions and shorter contractions. Moreover, we find no shift in whole-cycle durations, which suggests a reallocation of the business cycle away from contraction and toward expansion.
(This abstract was borrowed from another version of this item.)
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 82 (1992)
Issue (Month): 4 (September)
|Contact details of provider:|| Web page: https://www.aeaweb.org/aer/|
More information through EDIRC
|Order Information:||Web: https://www.aeaweb.org/subscribe.html|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert J. Gordon & Arthur M. Okun & Herbert Stein, 1980.
"Postwar Macroeconomics: The Evolution of Events and Ideas,"
in: The American Economy in Transition, pages 101-182
National Bureau of Economic Research, Inc.
- Robert J. Gordon, 1980. "Postwar Macroeconomics: The Evolution of Events and Ideas," NBER Working Papers 0459, National Bureau of Economic Research, Inc.
- J. Bradford De Long & Lawrence H. Summers, 1984.
"The Changing Cyclical Variability of Economic Activity in the United States,"
NBER Working Papers
1450, National Bureau of Economic Research, Inc.
- J. Bradford DeLong & Lawrence H. Summers, 1986. "The Changing Cyclical Variability of Economic Activity in the United States," NBER Chapters, in: The American Business Cycle: Continuity and Change, pages 679-734 National Bureau of Economic Research, Inc.
- Diebold, Francis X & Rudebusch, Glenn D, 1990.
"A Nonparametric Investigation of Duration Dependence in the American Business Cycle,"
Journal of Political Economy,
University of Chicago Press, vol. 98(3), pages 596-616, June.
- Francis X. Diebold & Glenn D. Rudebusch, 1988. "A nonparametric investigation of duration dependence in the American business cycle," Working Paper Series / Economic Activity Section 90, Board of Governors of the Federal Reserve System (U.S.).
- Meyer, Bruce D, 1990.
"Unemployment Insurance and Unemployment Spells,"
Econometric Society, vol. 58(4), pages 757-82, July.
When requesting a correction, please mention this item's handle: RePEc:aea:aecrev:v:82:y:1992:i:4:p:993-1005. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jane Voros)or (Michael P. Albert)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.