The Stylized Facts of the Monetary Variables

  • Apostolos Serletis


Kydland and Prescott in their 1990 article, “Business Cycles: Real Facts and a Monetary Myth,” argue that business cycle research took a wrong turn when it abandoned the effort to account for the cyclical behavior of aggregate data, following Tjalling Koopmans’ (1965) criticism of the methodology developed by Arthur Burns and Wesley Mitchell (1946), as being ‘measurement without theory.’ Crediting Robert Lucas (1977) with reviving interest in business cycle research, they initiated a line of research that builds on the growth theory literature and part of it involves an effort to assemble business cycle facts.


Business Cycle Cyclical Behavior Nominal Interest Rate Cyclical Component Monetary Aggregate 


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Copyright information

© Springer Science+Business Media New York 2001

Authors and Affiliations

  • Apostolos Serletis
    • 1
  1. 1.University of CalgaryCanada

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