 Panel Discussion A Will the Business Cycle Ever Be Obsolete in Industrial Societies? IMichael Bordo
Chapter 15 in Business Cycles, 1991, pp 409-423 from Palgrave Macmillan Abstract: Abstract Varied answers to this question can be derived from the papers at this conference. On one hand the answer depends on how one defines cycles. If one views cycles as some regular phenomenon demarcated by time duration as people used to do - that is, set up a chronology beginning at the long end of the spectrum with Kondratieff or long-wave cycles of fifty years or more and then Kuznets cycles (of twenty years), Juglar cycles (of nine years), Kitchin cycles (of three to four years), inventory cycles (eighteen months) etc., the answer might be yes. However, as exhibited in the discussion on long waves or the recent literature critically evaluating NBER reference-cycle chronologies, there is considerable doubt that such phenomena exist. If one views cycles as economic fluctuations - irregular disturbances - then it seems likely we will always have them as long as we live in a stochastic world with changing tastes, technologies, national disasters, wars, imperfect government policies, etc. Keywords: Business Cycle; Rational Expectation; Panel Discussion; Clearing Price; Political Business Cycle (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-11570-9_15 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-11570-9_15 Access Statistics for this chapter More chapters in International Economic Association Series from Palgrave Macmillan |
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