Chapter 31Postwar U.S. Business Cycles: An Empirical Investigation
Journal of Money, Credit and Banking
We propose a procedure for representing a time series as the sum of a smoothly varying trend component and a cyclical component. We document the nature of the comovements of the cyclical components of a variety of macroeconomic time series. We find that these comovements are very different than the corresponding comovements of the slowly varying trend components.
THE PURPOSE OF THIS ARTICLE is to document some features of aggregate economic fluctuations sometimes referred to as business cycles. The investigation uses quarterly data from the postwar U.S. economy. The fluctuations studied are those that ...
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