Business Cycle: Theories and Evidence

Presenting current knowledge on aggregate economic fluctuations - business cycles, this work begins with an empirical definition of the "business cycle". After outlining the historical development and key features of the current theories, these theories are evaluated on the basis of their ability to explain the facts. Included in this evaluation is a review of whether and how the competing theories could be distinguished empirically. The book concludes by highlighting important theoretical and empirical issues for future business-cycle research.