Cloth: 978-0-226-30452-6 | Paper: 978-0-226-30453-3 | Electronic: 978-0-226-30459-5
DOI: 10.7208/chicago/9780226304595.001.0001
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ABOUT THIS BOOK
In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations.
Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the labor market. Five papers focus on aggregate economic activity. In a number of cases, the papers present findings that challenge widely accepted models and assumptions. In addition to its substantive findings, The American Business Cycle includes an appendix containing both the first published history of the NBER business-cycle dating chronology and many previously unpublished historical data series.
TABLE OF CONTENTS
Prefatory Note
Introduction: Continuity and Change in Theory, Behavior, and Methodology
Tribute to Otto Eckstein
I. THE SOURCES OF CYCLICAL BEHAVIOR
1. The Mechanisms of the Business Cycle in the Postwar Era
2. Are Business Cycles All Alike?
II. COMPONENTS OF EXPENDITURE
3. Inventory Fluctuations in the United States since 1929
4. The Role of Consumption in Economic Fluctuations
5. Fixed Investment in the American Business Cycle, 1919-83
III. FISCAL AND MONETARY POLICY
6. The Behavior of United States Deficits
7. Money, Credit, and Interest Rates in the Business Cycle
8. The Open Economy: Implications for Monetary and Fiscal Policy
IV. CHANGES IN CYCLICAL BEHAVIOR
9. Major Changes in Cyc:lical Behavior
10. The Cyclical Behavior of Industrial Labor Markets: A Comparison of the Prewar and Postwar Eras
11. Improvements in Macroeconomic Stability: The Role of 'Wages and Prices
12. The Changing Cyclical Variability of Economic Activity in the United States
A. The Development and Role of the National Bureau of Economic Research's Business Cycle Chronologies
B. Historical Data
List of Contributors
List of Participants
Author Index
Subject Index