Theory Ahead of Business Cycle Measurement

Edward C. Prescott

Research output: Chapter in Book/Report/Conference proceedingChapter


Figure 1 plots the logs of actual and trend output for the U.S. economy during 1947-82, and Figure 2 the corresponding percentage deviations from trend of output and hours pf market employment. Output and hours clearly move up and down together with nearly the same amplitudes.

Original languageEnglish (US)
Title of host publicationReal business cycles
Subtitle of host publicationA Reader
PublisherTaylor and Francis
Number of pages12
ISBN (Electronic)9781134694792
ISBN (Print)0415165687
StatePublished - Jan 1 2013
Externally publishedYes

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)
  • General Business, Management and Accounting


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