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These proceedings, from a conference held at the Federal Reserve
Bank of St. Louis on October 17-18, 1991, attempted to layout what
we currently know about aggregate economic fluctuations.
Identifying what we know inevitably reveals what we do not know
about such fluctuations as well. From the vantage point of where
the conference's participants view our current understanding to be,
these proceedings can be seen as suggesting an agenda for further
research. The conference was divided into five sections. It began
with the formu lation of an empirical definition of the "business
cycle" and a recitation of the stylized facts that must be
explained by any theory that purports to capture the business
cycle's essence. After outlining the historical develop ment and
key features of the current "theories" of business cycles, the
conference evaluated these theories on the basis of their ability
to explain the facts. Included in this evaluation was a discussion
of whether (and how) the competing theories could be distinguished
empirically. The conference then examined the implications for
policy of what is known and not known about business cycles. A
panel discussion closed the conference, high lighting important
unresolved theoretical and empirical issues that should be taken up
in future business cycle research. What Is a Business Cycle? Before
gaining a genuine understanding of business cycles, economists must
agree and be clear about what they mean when they refer to the
cycle."
These proceedings, from a conference held at the Federal Reserve
Bank of St. Louis on October 17-18, 1991, attempted to layout what
we currently know about aggregate economic fluctuations.
Identifying what we know inevitably reveals what we do not know
about such fluctuations as well. From the vantage point of where
the conference's participants view our current understanding to be,
these proceedings can be seen as suggesting an agenda for further
research. The conference was divided into five sections. It began
with the formu lation of an empirical definition of the "business
cycle" and a recitation of the stylized facts that must be
explained by any theory that purports to capture the business
cycle's essence. After outlining the historical develop ment and
key features of the current "theories" of business cycles, the
conference evaluated these theories on the basis of their ability
to explain the facts. Included in this evaluation was a discussion
of whether (and how) the competing theories could be distinguished
empirically. The conference then examined the implications for
policy of what is known and not known about business cycles. A
panel discussion closed the conference, high lighting important
unresolved theoretical and empirical issues that should be taken up
in future business cycle research. What Is a Business Cycle? Before
gaining a genuine understanding of business cycles, economists must
agree and be clear about what they mean when they refer to the
cycle."
This collection of essays departs from the conventional economic
paradigm wherein individuals or groups choose among various
productive activities for mutually beneficial trade. Each essay
recognizes that where property rights are not well defined or
easily enforced, individuals may forgo productive opportunities and
engage in appropriative activities to compete for property, income,
rights or privileges. Though the essays differ in their focus, each
illustrates the importance of the institutional setting in
determining economic activity. The first of the two sets of essays
examines the allocation of resources among productive and
appropriative activities in an anarchical political environment,
without legal or constitutional tradition. Their objective is to
understand different facets of the emergence of order and restraint
on individual behaviour out of conditions with few or no assumed
constraints. The second set focuses on different types of political
institutions, illustrating how they shape conflict and economic
activity, and how they themselves can be shaped by conflict.
This collection of essays departs from the conventional economic
paradigm wherein individuals or groups choose among various
productive activities for mutually beneficial trade. Each essay
recognizes that where property rights are not well defined or
easily enforced, individuals may forgo productive opportunities and
engage in appropriative activities to compete for property, income,
rights or privileges. Though the essays differ in their focus, each
illustrates the importance of the institutional setting in
determining economic activity. The first of the two sets of essays
examines the allocation of resources among productive and
appropriative activities in an anarchical political environment,
without legal or constitutional tradition. Their objective is to
understand different facets of the emergence of order and restraint
on individual behaviour out of conditions with few or no assumed
constraints. The second set focuses on different types of political
institutions, illustrating how they shape conflict and economic
activity, and how they themselves can be shaped by conflict.
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