This book presents a comprehensive approach for analysing and explaining economic fluctuations developed by the editor and his associates at the University of Munich over the last two decades. The approach is distinct from both Keynesianism and Real Business Cycle Theory--the dominant macroeconomic paradigms of recent decades, and is representative of an alternative: the Disequilibrium Theory of Cyclical Growth. Following the methodology of the natural sciences, the book emphasizes the need for determining the stylized facts of economic fluctuations independently of the explanatory models. New methods for analysing short economic time series are employed.
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