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Conversely, downturns in spending tend to be imitated as well.
Technological innovations can have an acute impact on business cycles.
Because the economy tends to operate at or near full capacity during periods of prosperity, growth periods are generally accompanied by inflationary pressures.
Also referred to as a contraction or downturn, a decline basically marks the end of the period of growth in the business cycle.
By the end of the 19th century, however, many economists had begun to recognize that economies were cyclical by their very nature, and studies increasingly turned to determining which factors were primarily responsible for shaping the direction and disposition of national, regional, and industry-specific economies.
Today, economists, corporate executives, and business owners cite several factors as particularly important in shaping the complexion of business environments.
Thus, the pace of investment spending is influenced by changes in the rate of sales.
The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (GDP) and other macroeconomic variables.
A business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time.
Many economists cite a certain "follow-the-leader" mentality in consumer spending.
In situations where consumer confidence is high and people adopt more free-spending habits, other customers are deemed to be more likely to increase their spending as well.