CORDIS Project
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This project aims to enhance understanding of business cycles and their effects on the economy. By integrating empirical and theoretical approaches, it seeks to develop new methods for analyzing economic fluctuations and the role of market dynamics.
Business cycles impact on a large cross-section of the population simultaneously and matters for welfare.
Gordon Brown stated in 2002:
There will be no return to boom and bust but in 2007/08 the Global Financial Crisis triggered the Great Recession, the deepest recession since the 1930s.
Mainstream macro (representative agents, complete markets, competitive/monopolistic behavior, full information) was criticized rightly or wrongly for failing to predict the crisis.
But the field is now undergoin…
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