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Dating Business Cycles in the United Kingdom, 1700-2010

Author

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

Abstract

This paper constructs a new chronology of business cycles in the United Kingdom from 1700 on an annual basis and from 1920 on a quarterly basis. The new chronology points to a number of 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. Fourth, the major causes of downturns have been sectoral shocks, financial crises and wars.

Suggested Citation

  • Stephen Broadberry & Jagjit S. Chadha & Jason Lennard & Ryland Thomas, 2022. "Dating Business Cycles in the United Kingdom, 1700-2010," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2022-16, Economic Statistics Centre of Excellence (ESCoE).
  • Handle: RePEc:nsr:escoed:escoe-dp-2022-16
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    Cited by:

    1. Broadberry, Stephen & Lennard, Jason, 2023. "European business cycles and economic growth, 1300-2000," Economic History Working Papers 120364, London School of Economics and Political Science, Department of Economic History.
    2. Lennard, Jason, 2021. "Sticky wages and the Great Depression: evidence from the United Kingdom," Economic History Working Papers 112428, London School of Economics and Political Science, Department of Economic History.
    3. Jason Lennard & Meredith M. Paker, 2023. "Devaluation, Exports, and Recovery from the Great Depression," Discussion Papers 2403, Centre for Macroeconomics (CFM).
    4. Jason Lennard, 2023. "Sticky wages and the Great Depression: evidence from the United Kingdom," European Review of Economic History, Oxford University Press, vol. 27(2), pages 196-222.

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    More about this item

    Keywords

    business cycles; economic history; united kingdom;
    All these keywords.

    JEL classification:

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

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