Standard notions of time fail to fully explain financial cycles – BIS paper
Distinguishing “calendar time” and “financial cycle time” could help explain booms and busts
Thinking of financial cycles as operating in time as we commonly conceive it could impair economists’ ability to understand booms and busts, according to a new Bank for International Settlements working paper.
In Measuring financial cycle time, Andrew Filardo, Marco Jacopo Lombardi and Marek Raczko note that standard measures of time seem to imply financial cycles are not alike. For example, the frequency and amplitude has varied over the past century.
Instead of the usual concept of time, the
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