This paper traces the evolution of John Maynard Keynes’s theory business cycle from his early writings in 1913 to policy prescriptions for control fluctuations 1940s. The identifies six different “theories” fluctuations. With theoretical frameworks a 30-year span, driver fluctuations—namely cyclical changes expectations about future returns—remained substantially same. banking system also playe...

Standard real business cycle models must rely on total factor productivity (TFP) shocks to explain the observed comovement of consumption, investment, and hours worked. This paper shows that a neoclassical model consistent with observed heterogeneity in labor supply and consumption can generate comovement in the absence of TFP shocks. Intertemporal substitution of goods and leisure induces como...

We document that at business cycle frequency, nominal variables, such as aggregate price levels and nominal interest rates, are more correlated across countries than real output. Since national central banks control the domestic money supply and their objective has been to keep the nominal environment stable this might seem puzzling. We ask whether a simple, transparent standard international b...

kambeiz talebi, the author of the article discusses the urgent needfor topmanagers to change their style in small entrepreneurial firms during a business life cycle. although most leadership theories assume that it is an easy task, but the case studies and practical experience suggest the opposite - managers find it hard to move from an innovative style when the company is young to taskoriente...

Identifying the Common Component of International Economic Fluctuations: A New Approach In this paper, we develop an aggregation procedure using time-varying weights for constructing the common component of international economic fluctuations. The methodology for deriving time-varying weights is based on some stylized features of the data documented in the paper. The model allows for a unified ...

Hamilton (1989) introduced the Markov-switching models (from now on MS) to the business cycle researchers. He applied the MS model to the real U.S. GDP and showed how good the probability of being in recession or expansion generated by his model matched the NBER dating. Since then, the studies on business cycles that exploited the MS model have grown exponentially. Nevertheless, the basic MS mo...


 Robots are introduced into a real-business-cycle setup augmented with detailed government sector. modeled as an imperfect substitute for labor services. The model is calibrated to Bulgarian data the period following intro- duction of currency board arrangement (1999-2020). quantitative importance presence robots in economy investigated business cycle fluctuations Bulgaria. In robots, wag...