The Prewar Business Cycle Reconsidered: New Estimates of Gross National Product, 1869-1908

The Markup and the Business Cycle Reconsidered*

A fresh interpretation is provided of the influential finding that the markup of prices over marginal costs is counter-cyclical. Using Rotemberg and Woodford’s (1991) data set we argue that the markup is best modelled as a variable that is integrated of order one. A consequence of this finding is that the markup cannot be related in the long run with business-cycle variables since these are tra...

Gross Worker Flows over the Business Cycle

We build a hybrid model of the aggregate labor market that features both standard labor supply forces and frictions in order to study the cyclical properties of gross worker flows across the three labor market states: employment, unemployment, and nonparticipation. Our goal is to assess the relative importance of frictions and labor supply in accounting for fluctuations in labor market outcomes...

new political business cycle: the case of iran

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Business Cycle Features In The Iranian Economy

ALTERNATIVES TO GROSS NATIONAL PRODUCT A Critical Survey