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Interaction between Business Cycles and Economic Growth

Author

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  • Sohei Kaihatsu

    (Director, Research and Statistics Department, Bank of Japan (currently, International Monetary Fund, E-mail: SKaihatsu@imf.org))

  • Maiko Koga

    (Director, Research and Statistics Department, Bank of Japan (E-mail: maiko.koga@boj.or.jp))

  • Tomoya Sakata

    (Associate Director, Research and Statistics Department, Bank of Japan(E-mail: tomoya.sakata@boj.or.jp))

  • Naoko Hara

    (Deputy Director, Research and Statistics Department (currently, Institute for Monetary and Economic Studies), Bank of Japan (E-mail: naoko.hara@boj.or.jp))

Abstract

In the aftermath of the recent global financial crisis, advanced economies have faced sluggish recoveries or long-lasting economic slowdowns. This experience has challenged the conventional dichotomy of business cycles and economic growth, which has long been central to macroeconomic analysis. Against this backdrop, we review the literature regarding the relationship between business cycles and economic growth. This study consists of three parts. First, we provide basic ideas about the relationship between business cycles and economic growth, and a simple empirical analysis on economic growth rates in advanced economies. Second, we survey studies exploring the effects of business cycles on economic growth. Specifically, we focus on hysteresis effects caused by labor market structure, firm activity, and fiscal policy. Third, we review the literature on the effects of economic growth on business cycles, through mechanisms such as technological progress and population aging.

Suggested Citation

  • Sohei Kaihatsu & Maiko Koga & Tomoya Sakata & Naoko Hara, 2019. "Interaction between Business Cycles and Economic Growth," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 37, pages 99-126, November.
    • Handle: RePEc:ime:imemes:v:37:y:2019:p:99-126
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    More about this item

    Keywords

    Business cycles; Economic growth; Hysteresis;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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