Are there different types of Business Cycles?
Link to this answer
Share this credible answer with others. Simply paste this code into your blog or Web page:
While the chronology of business cycles produced by the National Bureau of Economic Research (NBER) (Table 1) is widely accepted, different definitions of the term "contraction" could easily combine or subdivide particular cycles. Indeed, the NBER does not adhere strictly to the definition of a recession as two successive quarters of GDP decline. Instead, a committee determines, by looking at movements in variables, when turning points have occurred. Some scholars have criticized this committee's decisions. Economists from time to time have hypothesized the existence of at least three other economic cycles, including a shorter Kitchin or inventory cycle, identified by Joseph Kitchin in 1923, of about forty months in length; a Kuznets cycle, suggested by Simon Kuznets in 1958, of fifteen to twenty-five years in duration; and a Kondratiev or Long Wave cycle, popularized by Nikolai Kondratiev in 1922, of fifty to sixty years in duration. However, none of these is accepted as widely as the business cycle, which bears a strong similarity to the cycle identified by Clément Juglar in the 1860s.
|
Answer verified with
|
Related research articles
HighBeam gives you access to newspaper, magazine, and trade journal articles plus press releases, facts, information, and biographies from thousands of sources.