The brevity and violence of contractions and expansions

  • Alisdair McKay, Ricardo Reisaby
  • Published 2008


Early studies of business cycles argued that contractions in economic activity were briefer (shorter) and more violent (rapid) than expansions. This paper systematically investigates this claim and in the process discovers a robust new business cycle fact: contractions in employment are briefer and more violent than expansions but we cannot reject the null… (More)


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