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Book Synopsis
In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. Thesecircumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are like the beat of the heart, of the essence of the organism that displays them. In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations. Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the

The American Business Cycle Continuity and Change

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A Paperback / softback by Robert J. Gordon

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    View other formats and editions of The American Business Cycle Continuity and Change by Robert J. Gordon

    Publisher: The University of Chicago Press
    Publication Date: 15/01/1990
    ISBN13: 9780226304533, 978-0226304533
    ISBN10: 0226304531
    Also in:
    Microeconomics

    Description

    Book Synopsis
    In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. Thesecircumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are like the beat of the heart, of the essence of the organism that displays them. In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations. Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the

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