| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14531 |
| DP14531 Hysteresis and Business Cycles | |
| Valerie Cerra; Antonio Fatas; Sweta Saxena | |
| 发表日期 | 2020-03-26 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis, as GDP in advanced economies remains far below the pre-crisis trends. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects. |
| 主题 | Business Cycles |
| 关键词 | Business cycles Growth Hysteresis Macroeconomic policy Persistence Stabilization policy Booms Crises Recovery |
| URL | https://cepr.org/publications/dp14531 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543435 |
| 推荐引用方式 GB/T 7714 | Valerie Cerra,Antonio Fatas,Sweta Saxena. DP14531 Hysteresis and Business Cycles. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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