In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depressio

This introduction to modern business cycle theory uses a neoclassical growth framework to study the economic fluctuations associated with the business cycle. Pr

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economi

Presents the empirical data of business cycles and the theories that economists have developed to explain and prevent them, and considers case studies of recess