The "Plucking Model" of Business Fluctuations Revisited
Some twenty-five years ago, the author suggested a model of business fluctuations that stresses occasional events producing contractions and subsequent revivals rather than a self-generating cyclical process. Evidence for the past quarter century, like evidence presented in the author's earlier paper for a longer period, supports the view that the model is a useful way to interpre t business fluctuations and has sufficiently important implications to justify further empirical work for both the United States and other countries. Copyright 1993 by Oxford University Press.
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Volume (Year): 31 (1993)
Issue (Month): 2 (April)
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