Presents current knowledge on aggregate economic fluctuations - business cycles. After outlining the historical development and key features of the current theories, these theories are evaluated on the basis of their ability to explain the facts.

Presenting current knowledge on aggregate economic fluctuations - business cycles, this work begins with an empirical definition of the "business cycle". After outlining the historical development and key features of the current theories, these theories are evaluated on the basis of their ability to explain the facts. Included in this evaluation is a review of whether and how the competing theories could be distinguished empirically. The book concludes by highlighting important theoretical and empirical issues for future business-cycle research.

President's message, T.C. Melzer. Part 1: what is a business cycle?, V. Zarnowitz
commentary, J.H. Stock
the cycle before new classical economics, D. Laidler
commentary, B.S. Bernanke. Part 2: for a return to pragmatism, O.J. Blanchard
the Cowles Commission approach, real business cycle theories and new Keynesian economics, R.C. Fair
commentary, A. Zeliner. Part 3: how does it matter?, B.M. Friedman
commentary, M.R. Darby. Part 4 Conference overview: commentaries, A.S. Blinder, H.I. Grossman and M. Parkin.