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A primer on the nature of business cycles

  • Gregory W. Huffman

Discussions of the effects of monetary and fiscal policy sometimes center on the impact of such policies in ameliorating fluctuations associated with the business cycle. However, though familiar with the term "business cycle," many people are not aware of what it refers to exactly. In this article, Gregory Huffman presents an explanation of the term and provides a detailed illustration of post-World War II U.S. business cycles. He also contrasts the behavior of various U.S. economic time series over the business cycle with similar Canadian statistics and points out some apparent anomalies in the data.

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Article provided by Federal Reserve Bank of Dallas in its journal Economic and Financial Policy Review.

Volume (Year): (1994)
Issue (Month): Q I ()
Pages: 27-41

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Handle: RePEc:fip:fedder:y:1994:i:qi:p:27-41
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  1. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1, December.
  2. David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1987. "International real business cycles," Working Papers 426, Federal Reserve Bank of Minneapolis.
  3. Lawrence J. Christiano & Martin Eichenbaum, 1989. "Unit roots in real GNP: do we know, and do we care?," Discussion Paper / Institute for Empirical Macroeconomics 18, Federal Reserve Bank of Minneapolis.
  4. Evan F. Koenig & Kenneth M. Emery, 1994. "Why The Composite Index Of Leading Indicators Does Not Lead," Contemporary Economic Policy, Western Economic Association International, vol. 12(1), pages 52-66, 01.
  5. Zarnowitz, Victor, 1992. "Business Cycles," National Bureau of Economic Research Books, University of Chicago Press, number 9780226978901.
  6. Mark A. Wynne & Nathan S. Balke, 1993. "Recessions and recoveries," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Jan, pages 1-17.
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