Theory and History behind Business Cycles: Are the 1990s the Onset of a Golden Age?
The theory presented in this paper ties together profits, investment, credit, stock prices, inflation, and interest rates. The author discusses new estimates of profit and investment functions with important roles for growth and demand and productivity, price and cost levels, risk perception, credit volume, and credit difficulties. The relationships among these endogenous variables are viewed as constituting an enduring core of business cycles, the exogenous shocks and policy effects as more transitory and peripheral.
Volume (Year): 13 (1999)
Issue (Month): 2 (Spring)
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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.:
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- Laidler, David, 1972. "On Wicksell's Theory of Price Level Dynamics," The Manchester School of Economic & Social Studies, University of Manchester, vol. 40(2), pages 125-144, June.
- Robert E. Hall, 1987. "Consumption," NBER Working Papers 2265, National Bureau of Economic Research, Inc.
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