Boom, bust, and misery : the curse of capitalism -- History of the roller coaster -- How unstable is the American economy? -- The income gap -- The consumption gap -- The housing crisis -- Investment and profit -- The credit balloon and the financial crisis -- Government spending and taxes --...

Intangible capital is an increasingly important factor of production in advanced economies. Governments in Europe and elsewhere promote investment in intangible assets. However, the potential role of intangibles for business cycles and the international transmission of shocks is not well...

This paper analyzes changes in American business cycles over the twentieth century and suggests a possible explanation for the major changes that have and have not occurred. The empirical analysis shows that the volatility of annual real macroeconomic indicators and the average severity of...