Abstract
As Victor Zarnowitz observed in a 1991 NBER research paper,1 “Business cycles have varied greatly over the past 200 years in length, spread, and size. At the same time, they are distinguished by their recurrence, persistence, and pervasiveness. They make up a class of varied, complex, and evolving phenomena of both history and economic dynamics. Theories or models that try to reduce them to a single causal mechanism or shock are unlikely to succeed.”
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© 2015 Robert T. McGee
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McGee, R.T. (2015). The Business Cycle. In: Applied Financial Macroeconomics and Investment Strategy. Global Financial Markets Series. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137401809_2
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DOI: https://doi.org/10.1057/9781137401809_2
Publisher Name: Palgrave Macmillan, New York
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