Results 1 - 1 of 1 for PRIME [Author: James D. Hamilton]
What's Real About the Business Cycle? - Review
This article argues that a linear statistical model with homoskedastic errors cannot capture the nineteenth-century notion of a recurring cyclical pattern in key economic aggregates. A simple nonlinear alternative is proposed and used to illustrate that the dynamic behavior of unemployment seems to change over the business cycle, with the unemployment rate rising more quickly than it falls.
research.stlouisfed.org/publications/review/2005/07/01/whats-real-about-the-business-cycle
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