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THE “PLUCKING MODEL” OF BUSINESS FLUCTUATIONS REVISITED
Author(s) -
FRIEDMAN MILTON
Publication year - 1993
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1111/j.1465-7295.1993.tb00874.x
Subject(s) - business cycle , economics , plucking , quarter (canadian coin) , work (physics) , econometrics , keynesian economics , engineering , history , physics , archaeology , mechanical engineering , meteorology
Some twenty‐five years ago, I suggested a model of business fluctuations that stresses occasional events producing contractions and subsequent revivals rather than a self‐generating cyclical process. Evidence for the past quarter century, like evidence presented in my earlier paper for a longer period, supports the view that the model is a useful way to interpret business fluctuations and has sufficiently important implications to justify further empirical work for both the United States and other countries.