The business cycle is characterized by contractions and expansions in economic activity that are synchronized across a broad range of sectors. The authors provide evidence to document this, and survey some of the theories that have been proposed to explain it. Although much progress has been...

This article characterizes the change in the nature of the money growth-inflation and unemployment-inflation relationships between the first and second halves of the twentieth century. The changes are substantial, and the authors discuss some of the implications for modeling inflation dynamics,...