单词 | fluctuations |
释义 | fluctuations The tendency of all economic variables to continual variation over time. This combines very short-run variations which appear to be random, or ‘white noise’, and cyclical oscillations of varying lengths, including ‘inventory cycles’ of under 2 years, ‘trade cycles’ of 5 to 10 years, ‘building cycles’ of around 20 years, and long or ‘Kondratieff cycles’ of 60 years or more. Such fluctuations appear over all time periods for which we have any data. As they are all happening simultaneously, detecting any one requires sophisticated statistical techniques, and regular oscillations are in the nature of ‘stylized facts’. |
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