Real and Monetary Factors in Economic Fluctuations

Abstract

Nearly twenty-five years ago I published a book called A Contribution to the Theory of the Trade Cycle. Though it is just called ‘Trade Cycle’ on the back, the full title was very seriously meant. I was not writing a textbook, or treatise, on economic fluctuations; I was simply exploring a particular model which, at the time of writing, appeared to have some relevance. Now, when I look back at what I wrote, I am even more inclined to insist upon the limitation of what I was doing than I was then.