The "Plucking Model" of Business Fluctuations Revisited

Milton Friedman

Economic Inquiry, 1993, vol. 31, issue 2, 171-77

Abstract: Some twenty-five years ago, the author 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 the author's earlier paper for a longer period, supports the view that the model is a useful way to interpre t business fluctuations and has sufficiently important implications to justify further empirical work for both the United States and other countries. Copyright 1993 by Oxford University Press.

Date: 1993
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