Causal and stochastic elements in business cycles (Q1910804)

A generalization of Lucas' macroeconomic growth theory -- including business cycles -- is presented in the book. The author examines two types of basic growth processes: the balanced growth paths of capital \(K\) and output \(Y\), and the paths of logistically rising capital productivity \(Y/K\). Also he verifies empirically the business cycle theory presented using data of the U. S. economy for the period 1909-1957.