Stability through cycles
2006-04-10
Research Paper
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Economic variables like GDP growth, employment, interest rates and consumption show signs of cyclical behavior. Many variables display multiple cycles, with lengths ranging in between 5 to even up to 100 years. We argue that multiple cycles can be associated with long-run stability of the economic system, provided that the cycle lengths are such that interference is rare or absent. For a large sample of important variables, including key variables for the US, UK and the Netherlands, we document that this is indeed the case.
Keywords
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Journal of Economic Literature (JEL) Classification System
Automatically Extracted Terms
- cycle
- index
- length
- variable
- innovation
- table
- price
- distribution
- cycle lengths
- system
- economy
- shock
- series
- product index
- model
- interest
- value
- schumpeter
- result
- stability
