Responds to George Tavlas’ comments in “More on the Chicago tradition”, in this issue, and once again assesses the contribution of individuals to “the Chicago tradition” of the 1930s.

The similarities among the writings of Ralph Hawtrey, Lauchlin Currie and Milton Friedman are re-affirmed, as is the influence of the former on what Friedman has called “the Chicago tradition” of the 1930s. The underconsumptionist analysis of Paul Douglas is not integral to that tradition.

Presents the conclusion of Lauclin Currie's PhD thesis on banking assets and banking theory.

Presents chapter IX of Lauchlin Currie's PhD thesis which discusses bank assets and the business cycle.

Reappraises the stylised facts of the contemporary UK business cycle and the robustness of associated sample moments to detrending under the Hodrick-Prescott (HP) filter and an unobserved components (UC) model based on the structural time series mode of Harvey and advocated in this context by...

Seeks to present the detailed empirical study of contemporary business fluctuations in Korea. Follows the methodology of modern business cycle research in conducting an atheoretical statistical analysis of the cyclical properties of key aggregate time series. Shows, by analysis, that many of the...

Provides an overview of the real business cycle research agenda, tackling the main theoretical and empirical issues. Concludes that although this methodological approach has been popular in terms of the number of papers published, it has not been completely convincing in providing a theory of...

Less developed countries (LDCs) have seen considerable business cycles in recent decades. At the same time they have significantly increased their external-debt-to-GDP ratios. It seems natural to suspect that increased indebtedness and the amplified cycles are linked. The paper presents a simple...

We analyze historical business cycles as a sum of short- and medium-term cycles defined for a particular class of unobserved component models. By associating the trend with the low frequencies of the pseudo-spectrum in the frequency domain, manipulation of the spectral bandwidth will allow us to...