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Business Cycles: Theory, Evidence and Policy Implications
Author(s) -
Cooper Russell W.
Publication year - 1998
Publication title -
scandinavian journal of economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.725
H-Index - 64
eISSN - 1467-9442
pISSN - 0347-0520
DOI - 10.1111/1467-9442.00099
Subject(s) - economics , business cycle , growth theory , macroeconomics , section (typography) , aggregate (composite) , empirical evidence , neoclassical economics , philosophy , materials science , epistemology , composite material , business , advertising
This paper looks at recent advances in the study of aggregate fluctuations. The emphasis is on three prominent areas of research: the stochastic growth model, economies which exhibit macroeconomic complementarities and models that emphasize heterogeneity. Each section of the paper outlines the theory, examines relevant empirical evidence and then discusses some policy implications of the analysis.