From cycles to shocks: progress in business-cycle theory

Boom leads to recession, recession to boom, and the economy is caught in a self-sustaining cycle. Or is it? More recent economic theory states that cyclical fluctuations in the economy are caused by shocks and other disturbances that continually buffet the economy. In this article, Satyajit Chatterjee examines the historical process by which the explanation of fluctuations in the economy has evolved from a theory of cycles to one of shocks.

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Year of publication:	2000
Authors:	Chatterjee, Satyajit
Published in:	Business Review. - Federal Reserve Bank of Philadelphia. - 2000, Mar, p. 27-37
Publisher:	Federal Reserve Bank of Philadelphia
Subject:	Business cycles

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Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005498375