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| Author: | Holland, A. Scott, A. |
| Title: | The determinants of UK business cycles |
| Journal: | Economic Journal
1998 : JUL, VOL. 108:449, p. 1067-1092 |
| Index terms: | ECONOMICS UNITED KINGDOM BUSINESS CYCLES |
| Language: | eng |
| Abstract: | The paper considers the causes of post-war UK business cycles. Using an extended stochastic growth model, the authors construct estimates of productivity and preference shocks both of which are highly persistent, volatile and potentially capable of explaining UK business cycles. The authors find the productivity term is the dominant explanation of UK output fluctuations but their estimated preference shift is crucial in understanding employment movements. |
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