Difference between the cyclical component and the TREND

Business Cycle Economics

Todd A. Knoop

Chapter 1: Why Study Business Cycles


Recessions and depressions  best way to understand how the economy works and how markets and macroeconomics works

The best learning opportunity  the GD of 1929  turned the whole discipline of economics on its ear  helped develop “macroeconomics” as a separate field and Keynesian economics  changed the way economists think about the world since 1779  Smith and The Wealth of Nations

The problem: after 200 years of debate  no general agreement @ what causes recessions and depressions

Continue to be competing models of business cycles  disconnect between the models used by:


Private sectors economists

There is no single answer  business cycles are complex enough

This book  present all competing theories and factors in the debate to help us understand the full context in which these debates take place

Chapter 2: Describing the Business Cycle

How to define a recession and depression

Presents 7 basic facts about the business cycles

The behavior of components of the GDP: Labor Market, Capacity and Productivity, and Expectations

Difference between the cyclical component and the TREND

Chapter 3: Early Business Cycle Theories

Before the Great Depression  number of theories existed to explain economic fluctuations

1. Early Agricultural Theories

2. Under consumption and Marxists theories

3. Classical Model

The assumptions of the classical model

Output determination and the labor market

What about Aggregate demand in the classical model (pag 43, 2nd paragraph)

Business cycles DO NOT EXIST in the classical model  WHY? Pag 44

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