'Studies in Business-Cycle Theory': a review essay by Jean-Paul Fitoussi and Kumaraswamy Velupillai

Vela Velupillai and Jean-Paul Fitoussi

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Abstract: Over fifty years a go, Hayek enunciated a program of research for eonomics and economists concerned with problems of fluctuations: The incorporationo f cyclical phenomena into the system of economic equilibrium, with which they are in apparent contradiction, remains the crucial problem of Trade Cycle Theory. (Hayek 1933, quoted by Lucas, p. 215) (...).

Date: 1987-02
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Published in Journal of Money, Credit and Banking, 1987, 19 (1), pp.122 - 130

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