Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/322719 
Year of Publication: 
2007
Series/Report no.: 
Discussion Papers Series No. 07-07
Publisher: 
Utrecht University, Utrecht School of Economics, Tjalling C. Koopmans Research Institute, Utrecht
Abstract: 
This paper contains a short history of business cycle theory. It is argued that in the course of time the emphasis shifted from a mainly exogenous to a mainly endogenous explanation of the cycle. After the integration of the two approaches in the so-called impulse and propagation theory, the balance kept shifting between an emphasis on endogenous propagation mechanism (Keynesians), the exogenous impulse mechanism (New Classicals) and back again to the propagation mechanism (New Keynesians). The shifts in emphasis in theory are accompanied by changes in the perceived window of opportunity for economic policy.
Subjects: 
Business Cycles
History of Economic Thought
Economic Policy
Document Type: 
Working Paper

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