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A revision of the US business-cycles chronology 1790-1928

Author

Listed:
  • Olivier Darné

    (LEMNA, University of Nantes)

  • Amélie Charles

    (Audencia Nantes, School of Management)

  • Claude Diebolt

    (BETA, University of Strasbourg)

Abstract

This article extends earlier efforts at redating the US business cycles for the 1790-1928 period using the real Gross Domestic Product (GDP) constructed by Johnson and Williamson (2008). The resulting chronology alters more than 50% percent of the peaks and troughs identified by the NBER and Davis (2006)'s chronologies, especially during the antebellum period, and removes those cycles long considered the most questionable, as growth or industrial cycles. An important result of the new chronology is the lack of discernible differences in the frequency and duration of US business cycles among the antebellum and postbellum periods. We also find that the average frequency and duration of contractions are less important than those of expansions.

Suggested Citation

  • Olivier Darné & Amélie Charles & Claude Diebolt, 2014. "A revision of the US business-cycles chronology 1790-1928," Economics Bulletin, AccessEcon, vol. 34(1), pages 234-244.
    • Handle: RePEc:ebl:ecbull:eb-13-00013
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    References listed on IDEAS

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    2. Dezhbakhsh, Hashem & Levy, Daniel, 2022. "Interpolation and shock persistence of prewar U.S. macroeconomic time series: A reconsideration," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 213.

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    More about this item

    Keywords

    Business cycle; Dating chronology.;

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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