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Dating business cycles in the United Kingdom, 1700–2010

Author

Listed:
  • Broadberry, Stephen
  • Chadha, Jagjit S.
  • Lennard, Jason
  • Thomas, Ryland

Abstract

This paper constructs a new chronology of the business cycle in the United Kingdom from 1700 on an annual basis and from 1920 on a quarterly basis to 2010. The new chronology points to several observations about the business cycle. First, the cycle has significantly increased in duration and amplitude over time. Second, contractions have become less frequent but are as persistent and costly as at other times in history. Third, the typical recession has been tick-shaped with a short contraction and longer recovery. Finally, the major causes of downturns have been sectoral shocks, financial crises, and wars.

Suggested Citation

  • Broadberry, Stephen & Chadha, Jagjit S. & Lennard, Jason & Thomas, Ryland, 2023. "Dating business cycles in the United Kingdom, 1700–2010," LSE Research Online Documents on Economics 117600, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:117600
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    File URL: https://researchonline.lse.ac.uk/id/eprint/117600/
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    Cited by:

    1. Broadberry, Stephen & Lennard, Jason, 2024. "European business cycles and economic growth, 1300–2000," Explorations in Economic History, Elsevier, vol. 94(C).
    2. Meredith M. Paker, 2025. "Review of periodical literature for 2023: (vi) 1945 to present," Economic History Review, Economic History Society, vol. 78(1), pages 387-397, February.
    3. Lennard, Jason & Paker, Meredith M., 2026. "Devaluation, Exports, and Recovery from the Great Depression," The Journal of Economic History, Cambridge University Press, vol. 86(1), pages 258-286, March.
    4. Jason Lennard, 2023. "Sticky wages and the Great Depression: evidence from the United Kingdom," European Review of Economic History, European Historical Economics Society, vol. 27(2), pages 196-222.

    More about this item

    Keywords

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    JEL classification:

    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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