Abstract
From a theoretical point of view, the period after World War II was dominated by what was called the “neo-classical synthesis”. Questioning the neo-classical synthesis led also to a multiplication of non-orthodox trends. In the 1970s, the Box-Jenkins root gave birth to time series econometrics which brought about a new way of looking at business cycles. In extension an important debate, launched in the early 1980s and still alive, was to feed the world of economists and statisticians.
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Notes
- 1.
Sims hid cautiously behind the opinion of “economists who were experiencing new statistical methods”.
- 2.
Intuitively a series is stationary (of the second order) if the mean and the variance are constant and if the autocovariances do not depend on time.
- 3.
Charles Ponzi was a swindler of Italian origin, living in the United States, who, in 1920, offered an investment with a 50 % return within 45 days; actually he did not invest the money he was entrusted with or only a small part of it; he only paid the interests of his earlier customers with the money provided by the newcomers and so on.
- 4.
Minsky (1986, p. 377) specified that this type of funding “is not necessarily fraudulent”.
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Aimar, T., Bismans, F., Diebolt, C. (2016). Empirics. In: Business Cycles in the Run of History. SpringerBriefs in Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-24325-2_3
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