Are business cycles mainly a response to persistent exogenous shocks, or do they instead
reflect a strong endogenous mechanism which produces recurrent boom-bust phenomena …

This paper considers the question in its title from several angles. Part 1 looks at economic
history and the development of thinking about business cycles-the popular meaning and …

We propose a new strategy for dissecting the macroeconomic time series, provide a
template for the business-cycle propagation mechanism that best describes the data, and …

C:\Working Papers\11401.wpd Page 1 NBER WORKING PAPER SERIES REAL BUSINESS
CYCLE MODELS: PAST, PRESENT, AND FUTURE Sergio Rebelo Working Paper 11401 …

This survey outlines the evolution of thought leading to the rrecent delopments in the study
of business cycles. The subject is almost coextensive with short-term macrodynamics and …

This book offers an examination of the empirical data of business cycles, the theories that
economists have developed to explain them, and major case studies of recessions and …

This paper first reviews a number of stylised facts concerning OECD country business cycles
over the past four decades. In general, the amplitude of business cycles has fallen, driven …

This paper adopts a historical perspective to examine the characteristics of business cycle
fluctuations within and across a large set of countries. Following the classical work by Burns …

It is desirable to know the facts before attempting to explain them; hence, the attractiveness
of organizing business-cycle regularities within a model-free framework. During the first half …

22 time, a business-cycle theory pointed to the possibility that the same analytical tools used
to address economic growth issues could be used to address business-cycle questions as …