Study of long-term fluctuations. Kondratieff studied US, UK and French wholesale prices and

Interest rates from the eighteenth century through the 1920s and found peaks and troughs at regular

Intervals. Similar work has been carried out at Harvard, confirming a fifty-four-year cycle in

UK wheat prices since the thirteenth century.

g) Business cycle indicators is a group of values, characterizing the change in a country’s economic

situation. They are as follows:

• outstripping values which start to decline or grow (to increase) before the economy reaches the

Peak or is in the crisis (disaster) area

• coinciding values which define the market situation without the lag

• lagging values which start to change after some transformations have already occurred in the

Economy

Terminological Vocabulary to Text 16.4. Try to memorize it

Real GDP — реальный валовой внутренний продукт (ВВП)

The deflator — дефлятор

Unemployment — безработица

Business cycle — экономический цикл

Fluctuations — колебания

Ups and downs — подъемы и спады

Employment — занятость

Phase — фаза

Peak — пик

Recession — рецессия, фаза спада

Trough — самая низшая точка

Recovery — оживление

Duration — длительность, продолжительность

A cyclical peak — пик цикла

The national output — национальное производство

Capacity — мощность

Depression — депрессия

An inflationary boom — инфляционный бум