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Business Cycles

Business Cycles

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Published by a_mohapatra55552752

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Published by: a_mohapatra55552752 on Nov 12, 2009
Copyright:Attribution Non-commercial


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Business Cycles
These are oscillations in national income or the level of aggregateoutput which have often been observed to follow a wave like pattern with certain measure of regularity or periodicity in terms of time, duration and sequence.Task at hand of the Experts
 What factors trigger business cycles ?
How are booms and recessions caused?
How does aggregate business activity expand and reach a peak?
How does a market crash?
What generates recession and what factors determine itsduration?
How does an economy recover from a trough or depression andtakes an upturn?
Nature of Business Cycles
These are the swings in national income, output and employment causingexpansion and contraction in most of the sectors of the economy.
Cyclical patterns are neither smooth nor regular.
These cyclical patterns are observed over a long time period, most generallyfrom 20 to 30 yrs.
Samuelson Nordhaus Comments [1998]
 No exact formula, such as might apply to the revolutions of the planets or of a pendulum, can be used to predict the duration andtiming of business cycles. Rather, in their irregularities, businesscycles more closely resemble the fluctuations of the weather……The cycles are like mountain ranges, with different levels of hillsand valleys. Some valleys are very deep and broad………..
Amplitude and Frequency
Amplitude is the maximum distance by which national incomedeviates from the trend line.This amplitude varies as the cycle proceeds with irregular pattern.Frequency refers to the number of times the cycle repeats itself over a period of time.One cycle is completed between two consecutive peaks.

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