Business Cycles: Real Facts and a Monetary Myth

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Creator Series Issue number
  • Vol. 14, No. 2
Date created
  • 1990 Spring
Abstract

  • This paper argues that the reporting of facts in light of theory fosters the development of theory. Dynamic neoclassical macro theory guided the selection of facts to report. The hope is that these facts will foster the further development of this theory. A finding is that the price level is countercyclical in the post-Korean War period. This finding debunks the myths that the price level is procyclical, with the postwar period being no exception.

Related information

  • Published In: Real Business Cycles: A Reader (1998, pp. 383-398)

  • Published In: The New Classical Macroeconomics (Vol. 3, 1992, pp. 514-529)

  • Published In: Business Cycle Theory (1995, pp. 67-82)

  • Published In: The Rational Expectations Revolution: Readings from the Front Line (1994, pp. 307-334)

Corporate Author
  • Federal Reserve Bank of Minneapolis. Research Department
Publisher
  • Federal Reserve Bank of Minneapolis
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