Arthur F. Burns. The Business Cycle in a Changing World. Pp. xiv, 352. New York: Columbia University Press for the National Bureau of Economic Research, 1969. $8.50

Author(s):  
Richard V. Clemence
1977 ◽  
Vol 16 (1) ◽  
pp. 112-114
Author(s):  
Abdur Razzaq Shahid

This volume on India is one of a series of research projects on exchange control, liberalization, and economic development, undertaken for many less developed countries. The study deals with three major topics: exchange control, liberalization, and growth. First, under 'The Anatomy of Exchange Control', the methods of allocation and intervention in the foreign trade and payments practised by the government during the restrictive period 1956-66 and their economic impact are discussed. Then, a detailed analysis of the 'Liberalization Episode' which covers the policies in the period 1966-68, including the June 1966 devaluation, and the episode's effect on price level, economic activity, and exports is given. Finally, the overall growth effects of the foreign trade regime (broadly defined as exchange rate policy plus the frame-work of relevant domestic policies such as industrial licensing), and their possible contribution to India's rather unsatisfactory economic performance are examined.


1975 ◽  
Vol 14 (3) ◽  
pp. 377-380
Author(s):  
Javed Ashraf

The book is the first of a series of studies on Exchange Control, Liberalization and Economic Development sponsored by the National Bureau of Economic Research, New York. The ten-country study, of which the book under review is a part, provides an in-depth analysis of three major areas : The anatomy of exchange control along with its implications, the episode of the liberalization of the payments regime, and the relationship of growth with the exchange control regime. The findings of the individual country-studies have been consolidated in an overall synthesis. However, each study is complete in itself in accordance with the needs of scholars having an interest in only some of the studies. The book under review seeks to analyse Turkey's trade and payments regime and the effect that the latter has had on the country's economic growth. Whereas quite a few other factors are instrumental in development (e.g. agricultural productivity, levels of education, political and social stability, etc.), the focus on foreign trade alone is justified by the author on the grounds of the tremendous amount of government influence in foreign trade. Moreover, the author believes that an intensive study of the trade-growth relationship is more rewarding than: a general survey of all factors related to economic growth.


1976 ◽  
Vol 15 (2) ◽  
pp. 231-233
Author(s):  
Javed Ashraf

In line with the theme set out in its sister volumes, the book under review explores the anatomy of exchange control, the liberalization of exchange controls and the relationship of the exchange control system to growth for Philippines for the period from World War II to 1971. It makes searching probes-into how different commercial policies and exchange controls influenced growth, employment, resource allocation and income distribution. A great deal of attention is focused on the evaluation of attempts to liberalize the exchange controls. Fiscal and monetary measures are also accorded detailed treat¬ment commensurate with their importance.


2011 ◽  
Vol 3 (2) ◽  
pp. 246-277 ◽  
Author(s):  
Travis J Berge ◽  
Óscar Jordá

The Business Cycle Dating Committee of the National Bureau of Economic Research provides a historical chronology of business cycle turning points. We investigate three central aspects of this chronology. How skillful is the Dating Committee when classifying economic activity into expansions and recessions? Which indices of economic conditions best capture the current but unobservable state of the business cycle? And which indicators best predict future turning points, and at what horizons? We answer each of these questions in detail using methods specifically designed to assess classification ability. In the process, we clarify several important features of the business cycle. (JEL C82, E32)


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