Friedman and Schwartz (1982) and Goodhart (1982) report a zero correlation between money growth and output growth in U.K. historical data. This finding is puzzling, as there is wide agreement that changes in monetary policy are frequently nonneutral in the short run and that the U.K. experience,...

This paper tries to describe the Moroccan business cycles in both terms: classical and growth cycles, and to characterize its main regularities. The purpose of this study is to analyse the importance of the magnitude of the observable macroeconomic times series changes in predicting fluctuations...