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The article presents an approach to changes in the total factor productivity (TFP) which differs from that generally found in the literature. Changes are calculated in the real terms using the detaile...
The presented paper deals with the identification of cyclical behaviour of business cycle from the time and frequency domain perspective. Herewith, methods for obtaining the growth business cycle are ...
This paper studies business cycle patterns in UK sectoral output. It analyzes the distinction between white noise processes and their non-white noise counterparts in the frequency domain and further e...
Introduction This paper might equally well be entitled, “Political Control and the Monetary Business Cycle.” The observations I will offer reflect 25 years of following current events and studying ...
In this article, I examine the burgeoning literature on the behavior of unregulated banking systems. The analysis of banking and money has been dubbed the legal restrictions theory.” Many ofthe the...
Introduction F. A. Hayek developed his business cycle theory in the 1920s when he visited the United States for the first time. Let me recall that after the so-called first postwar depression of 19...
One of the important policy issues we face today is the linkage between monetary policy and the business cycle. This issue is of relevance from an economic point ofview, but I assure you it is also ...
Erratic Monetary Policy The double-digit inflation of the 1970s has given way to the moderate inflation ofthe 1980s, but monetary policy remains erratic. From early December 1985 through early Marc...
In a series of recent papers, De Long and Summers (1986, 1988) argued that “increased wage and price flexibility can easily be destabilizing because of the Mundell effect.” They also suggested that ...

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