DUESENBERRY (James S.)
Business Cycles and Economic Growth.
Best-known for his early career work on consumption behaviour, the Harvard economist James S. Duesenberry (1918-2009) devoted much of his subsequent research to the theory of business cycles. ‘As the culmination of this research program, Duesenberry took a leadership role in the project of constructing the first large-scale econometric model, The Brookings Quarterly Econometric model of the United States, and its natural sequel, the first large-scale model of financial flows, ‘A Flow of Funds Model’. It is in Business Cycles and Economic Growth that Duesenberry formulates the conception of business cycles that guides his later work’ (Business Cycles and Depressions: An Encyclopaedia).