Chadha, Jagjit S., Nolan, Charles (2002) A Long View of the UK Business Cycle. National Institute Economic Review, 182 (1). pp. 72-89. ISSN 0027-9501. (doi:10.1177/002795010218200108) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided) (KAR id:10993)
The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided. | |
Official URL: https://doi.org/10.1177/002795010218200108 |
Abstract
We outline a number of 'stylised' facts on the UK business cycle obtained from analysis of the long-run UK annual dataset. The findings are to some extent standard. Consumption and investment are pro-cyclical, with productivity playing a dominant role in explaining business cycle fluctuations at all horizons. Money neutrality obtains over the long run but there is clear evidence of non-neutrality over the short run, particularly at the business cycle frequencies. Business cycle rela-tionships with the external sector via the real exchange rate and current account are notable. Postwar, the price level is counter-cyclical and real wages are pro-cyclical, as are nominal interest rates. Modern general equilibrium macroeconomic models capture many of these patterns.
Item Type: | Article |
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DOI/Identification number: | 10.1177/002795010218200108 |
Subjects: |
H Social Sciences > HC Economic History and Conditions H Social Sciences > HB Economic Theory |
Divisions: | Divisions > Division of Human and Social Sciences > School of Economics |
Depositing User: | Jagjit Chadha |
Date Deposited: | 02 Oct 2008 21:51 UTC |
Last Modified: | 09 Mar 2023 11:30 UTC |
Resource URI: | https://kar.kent.ac.uk/id/eprint/10993 (The current URI for this page, for reference purposes) |
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