Based upon Kydland and Prescott (1990), how do Burns and Mitchell (1946) define a business cycle?

2. What contribution did Kydland and Prescott (1990) make in capturing the nature of the business cycle in their paper? How are they defining a business cycle?

3. Which approach (i.e. Burn and Mitchell view or Kydland and Prescott view) makes more sense to you when thinking about expansions and recessions? How do these views of the business cycle differ?