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The brevity and violence of contractions and expansions

Author: Alisdair McKay; Ricardo Reis; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2006.
Series: Working paper series (National Bureau of Economic Research), no. 12400.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
"Early studies of business cycles argued that contractions in economic activity were briefer (shorter) and more violent (rapid) than expansions. This paper systematically investigates this claim and in the process discovers a robust new business cycle fact: expansions and contractions in output are equally brief and violent but contractions in employment are briefer and more violent than expansions. The difference  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Alisdair McKay; Ricardo Reis; National Bureau of Economic Research.
OCLC Number: 70845839
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 12400.
Responsibility: Alisdair McKay, Ricardo Reis.

Abstract:

"Early studies of business cycles argued that contractions in economic activity were briefer (shorter) and more violent (rapid) than expansions. This paper systematically investigates this claim and in the process discovers a robust new business cycle fact: expansions and contractions in output are equally brief and violent but contractions in employment are briefer and more violent than expansions. The difference arises because employment typically lags output around peaks but both series roughly coincide in their troughs. We discuss the performance of existing business cycle models in accounting for this fact, and conclude that none can fully account for it. We then show that a simple model that combines three familiar ingredients labor hoarding, a choice of when to scrap old technologies, and job training or job search can account for the business cycle fact" National Bureau of Economic Research web site.

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