Antonio Fatás on Hysteresis and the Business Cycle
Macro Musings with David Beckworth
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The History of the Business Cycle
Timothy Stanley: Let's begin with a discussion of cycle versus trend. He says it goes all the way back to Burns in Mitchell, 1946, when they first started looking at business cycle. We sort of gravitate towards some natural state, some equilibrium, but we deviate through cycles, he says. Stanley: Expansions are sort of just normal; there was no real growth in that story.
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