Putting the Cycle Back into Business Cycle Analysis
---- Acknowledgments ----
The authors thank Jess Benhabib, Kiminori Matsuyama and Morten Ravn for helpful discussions. The authors would also like to thank seminar participants at Banque de France, University of Manchester, Pompeu Fabra-Toulouse "skiminar", NBER Summer Institute, Hydra workshop, UCL, UCLA, UCSD, Wisconsin, the University of Pennsylvania and Northwestern University for comments. This is a heavily revised version of a paper previously circulated under the heading "Reviving the Limit Cycle View of Macroeconomic Fluctuations." Franck Portier acknowledges financial support by the ADEMU project, "A Dynamic Economic and Monetary Union," funded by the European Union's Horizon 2020 Program under grant agreement No 649396. Paul Beaudry acknowledges support from the SSHRC of Canada. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.