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...Thebusinesscycleand industrycomovement andreas hornstein he u s economy as of the writing this article is in its longest postwar expansion has prompted various proponents to tdeclare a new and death business cycle these pronouncements may well turn out be premature similar announcements have proved past case we can already say that current ex pansion shares one feature with all previous cycles namely parts take part although possibly different degrees particular symbol appears internet general industries manufacturing service sector accounts for growth gdp indeed it up down movement denes burns mitchell early work contrast earlier modern research fo cused most on comovement aggregate variables like output employment consumption investment price level interest rates etc focus been justied by observed which supposed indicate presence common aggre gate disturbances respond way argument shocks source proceeds follows lucas suppose subject large number industry specic are unrelated each oth...