This volume presents the most complete collection available of the work of Victor Zarnowitz, a leader in the study of business cycles, growth, inflation, and forecasting. With characteristic insight, Zarnowitz examines theories of the business cycle, including Keynesian and monetary theories and...

Victor Zarnowitz is a world-famous economist. Victor Zarnowitz is also a man who grew up in the Polish town of Oswiecim, known in German as Auschwitz. Zarnowitz and his brother fled the area as the Nazis advanced in September 1939. Moving eastward, he landed right in the arms of the Soviets and...

This paper is a sequel to Working Paper No. 3131, "Hypotheses of Sticky Wages and Prices". My first objective is to re-examine the historical record of prices and wages. What changes in their behavior are indicated by the data and how can they be explained? Next, the models that imply that price...

In the post-World War II period, wage and price levels reacted much less to business contractions than they did in earlier times. Inflation prevailed and its persistence increased. The contractions themselves became relatively short and mild. All these developments have some common roots in the...