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The business cycle: it's still a puzzle

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  • Lawrence J. Christiano
  • Terry J. Fitzgerald

Abstract

The business cycle is characterized by contractions and expansions in economic activity that are synchronized across a broad range of sectors. The authors provide evidence to document this, and survey some of the theories that have been proposed to explain it. Although much progress has been made, research in this area is still at an early age.

Suggested Citation

  • Lawrence J. Christiano & Terry J. Fitzgerald, 1998. "The business cycle: it's still a puzzle," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 56-83.
  • Handle: RePEc:fip:fedhep:y:1998:i:qiv:p:56-83:n:v.22no.4
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    References listed on IDEAS

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    1. V. V. Chari & Patrick J. Kehoe, 2003. "Hot Money," Journal of Political Economy, University of Chicago Press, vol. 111(6), pages 1262-1292, December.
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    Keywords

    Business cycles;

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