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European Business Cycles and Economic Growth, 1300-2000

Author

Listed:
  • Stephen Broadberry

    (Nuffield College, Oxford)

  • Jason Lennard

    (London School of Economics (LSE))

Abstract

The modern business cycle features long expansions combined with short recessions, and is thus related to the emergence of sustained economic growth. It also features significant international co-movement, and is therefore associated with growing market integration and globalisation. When did these patterns first appear? This paper explores the changing nature of the business cycle using historical national accounts for nine European economies between 1300 and 2000. For the sample as a whole, the modern business cycle emerged at the end of the eighteenth century.

Suggested Citation

  • Stephen Broadberry & Jason Lennard, 2023. "European Business Cycles and Economic Growth, 1300-2000," Discussion Papers 2323, Centre for Macroeconomics (CFM).
    • Handle: RePEc:cfm:wpaper:2323
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    References listed on IDEAS

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    More about this item

    Keywords

    Business cycle; economic growth; Europe;
    All these keywords.

    JEL classification:

    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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