This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window

Journal of Economic Perspectives: Vol. 13 No. 2 (Spring 1999)

Expand

Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter

Explore:

JEP - All Issues


Changes in Business Cycles: Evidence and Explanations

Article Citation

Romer, Christina D. 1999. "Changes in Business Cycles: Evidence and Explanations." Journal of Economic Perspectives, 13(2): 23-44.

DOI: 10.1257/jep.13.2.23

Abstract

This paper shows that the volatility of annual real macroeconomic indicators for the United States and the average severity of recessions have declined only slightly between the pre-World War I and post-World War II eras. Recessions have, however, become somewhat less frequent and more uniform. It argues that the advent of macroeconomic policy after World War II can account for both the observed continuity and change. Countercyclical monetary policy and automatic stabilizers have prolonged postwar expansions and prevented severe depressions. At the same time, policy-induced booms and recessions have led to continued volatility of the postwar economy.

Article Full-Text Access

Full-text Article (Complimentary)

Authors

Romer, Christina D. (U CA, Berkeley)

JEL Classifications

E32: Business Fluctuations; Cycles
E52: Monetary Policy

Comments

View Comments on This Article (0) | Login to post a comment


Journal of Economic Perspectives


Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)

Explore:

JEP - All Issues

Virtual Field Journals


AEA Member Login:


AEAweb | AEA Journals | Contact Us