The Economy in Perspective
What goes around comes around … Before anyone gets the wrong idea, let's be clear about one thing: This is not another essay declaring that business cycles are dead. To paraphrase a popular bumper sticker, recessions happen. But business cycles are commonly thought of as recurring fluctuations in economic activity. Considering that we are now in the seventh year of an expansion and have experienced growth for 14 of the last 15 years, who could fault us for reappraising the business cycle concept.
Suggested citation: “The Economy in Perspective,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-04, pp. 01, 04.01.1997.