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But business cycles as a subject for study have enjoyed a revival for at least a decade now, stimulated in part by the severity of the 1974-75 and 1981-82 recessions and in part by the intellectual ferment surrounding the development of the "equilibrium business cycle model" and the attention paid to the seminal work of Robert E. Lucas, Jr., contained in his book Studies in Business Cycle Theory . Indeed, there is no longer any need to lament the passing of economics courses explicitly carrying the title "Business Cycles," since the topic of business cycle behavior and analysis has so infiltrated courses carrying the title "Macroeconomics" that the two subjects have become almost interchangeable. 2 In this light it is fitting that the major research program of the NBER in this area is called "Economic Fluctuations" rather than "Macroeconomics. (en) |
