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BUSINESS CYCLES AND MACROECONOMIC POLICY INITIATIVES BUSINESS CYCLE Today we are faced with higher unemployment levels, deflation in farm prices, disinflation in industrial prices, and inflation almost everywhere else. These are cycles in all spheres of human endeavor, from stocks and bonds to commodities and political preferences and are generally known as business or trade cycles. In this chapter, we discuss: Meaning of business or trade cycles Types of cycles Various phases of cycles Three important theories on business cycle Various remedial measures to rectify economic imbalances caused by these trade/business cycles Various business indicators and their practical applications in: Forecasting recession Buying and selling of stocks MEANING Business cycle or trade cycle is a part of the capitalist system. It refers to the phenomenon of cyclical booms and depressions. Most acceptable definition is that given by Mitchell, "Business cycles are a type of fluctuations found in the aggregate economic activity of nations that organise their...

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