Miron, Jeffrey A. <br/><br/>
What Have Macroeconomists Learned about Business Cycles from the Study  of Seasonal Cycles? / 
Jeffrey A. Miron, J. Joseph Beaulieu. 
 - Cambridge, Mass.  National Bureau of Economic Research  1995. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w5258 .
 - Working Paper Series (National Bureau of Economic Research)  no. w5258. .
<br/><br/> September 1995. 
<br/><br/> This paper argues that analysis of seasonal fluctuations can shed light on the nature of business cycle fluctuations.  The fundamental reason is that in many instances identifying restrictions about seasonal fluctuations are more believable than analogous restrictions about non-seasonal fluctuations.  We show that seasonal fluctuations provide good examples of preference shifts and synergistic equilibria. We also find evidence against production smoothing and in favor of unmeasured variation in labor and capital utilization.  In some industries capacity constraints appear to bind. 
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