The Business Cycle: Theories and Evidence: Proceedings of the Sixteenth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis

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Presenting current knowledge on aggregate economic fluctuations - business cycles, this work begins with an empirical definition of the business cycle . After outlining the historical development and key features of the current theories, these theories are evaluated on the basis of their ability to explain the facts. Included in this evaluation is a review of whether and how the competing theories could be distinguished empirically. The book concludes by highlighting important theoretical and empirical issues for future business-cycle research.