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The kitchin cycles of interwar Romania’s economy

Author

Listed:
  • Florin Marius PAVELESCU

    (Institute of National Economy - Romanian Academy)

Abstract

The paper reviews the concept of Kitchin cycles and their correlation with the Juglar cycles, revealed by Schumpeter (1939) and the main approaches concerning the cyclical evolution of interwar Romania’s economy adopted by Romanian economists. The author proposes a set of indicators to detect the Kitchin cycles of Romania’s economy during the interwar years. Those indicators consider the change in the sectoral structure of value added, the dynamics of prices and the features of labor market disequilibria. Therefore, it is possible to identify two Juglar cycles and six Kitchin cycles. Schumpeter’s assumption concerning the correlation between Kitchin cycles and Juglar cycles is confirmed. This way, it is possible to define three types of Kitchin cycles that better explain the features of Romanian economy evolution during the analyzed period. The paper finds a low correlation between Kitchin and short political cycles.

Suggested Citation

  • Florin Marius PAVELESCU, 2021. "The kitchin cycles of interwar Romania’s economy," Romanian Journal of Economics, Institute of National Economy, vol. 53(2(62)), pages 05-26, December.
    • Handle: RePEc:ine:journl:v:53:y:2021:i:62:p:05-26
    as

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    References listed on IDEAS

    as
    1. David S. Jacks & Dennis Novy, 2020. "Trade Blocs and Trade Wars during the Interwar Period," Asian Economic Policy Review, Japan Center for Economic Research, vol. 15(1), pages 119-136, January.
    2. Frederic L. Pryor & Zora P. Pryor & Miloš Stadnik & George J. Staller, 1971. "Czechoslovak Aggregate Production In The Interwar Period," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 17(1), pages 35-59, March.
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    More about this item

    Keywords

    economic cycles; foreign trade balance; gross domestic product per capita; labor market disequilibria; inflation; political (electoral) cycles;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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