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Key Features of Australian Business Cycles

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  • Paul Cashin
  • Sam Ouliaris

Abstract

This paper identifies and describes the key features of Australian business cycles during the period 1959-2002. In particular, we identify the chronologies in Australia's classical cycle (expansions and contractions in the level of output) and growth cycle (periods of above-trend and below-trend rates of economic growth). We find that while there are large asymmetries in the duration and amplitude of phases in Australia's classical cycle, on both measures the Australian growth cycle is much more symmetric. Further, our results indicate that over the sample period Australian (filtered) output and prices have moved in a counter-cyclical fashion, suggesting a dominance of shocks to aggregate supply affecting the Australian economy. Copyright 2004 University of Adelaide and Flinders University of South Australia and Blackwell Publishing Asia Pty Ltd..

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Australian Economic Papers.

Volume (Year): 43 (2004)
Issue (Month): 1 (03)
Pages: 39-58

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Handle: RePEc:bla:ausecp:v:43:y:2004:i:1:p:39-58

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Citations

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Cited by:
  1. Robert Dixon & David Shepherd, 2006. "The Cyclical Dynamics and Volatility of Australian Output and Employment," Department of Economics - Working Papers Series 968, The University of Melbourne.
  2. Christian Gillitzer & Jonathan Kearns & Anthony Richards, 2005. "The Australian Business Cycle: A Coincident Indicator Approach," RBA Research Discussion Papers rdp2005-07, Reserve Bank of Australia.
  3. Levent, Korap, 2006. "An essay upon the business cycle facts: the Turkish case," MPRA Paper 21717, University Library of Munich, Germany.
  4. Korap, Levent, 2010. "A small scaled business-cycle analysis of the Turkish economy: some counter-cyclical evidence using new income series," MPRA Paper 28647, University Library of Munich, Germany.
  5. Paul Cashin, 2004. "Caribbean Business Cycles," IMF Working Papers 04/136, International Monetary Fund.
  6. Levent, Korap, 2007. "Structural VAR identification of the Turkish business cycles," MPRA Paper 21971, University Library of Munich, Germany.
  7. Keen Meng Choy, 2006. "Business Cycles in a Small Open Economy: Stylized Facts from Singapore," Economic Growth centre Working Paper Series 0611, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre.
  8. Levent, Korap, 2009. "Türkiye ekonomisinde enflasyon ve reel milli gelir arasındaki çevrimsellik ilişkisi üzerine bir inceleme
    [An investigation upon the cyclical relationship between inflation and real income in t
    ," MPRA Paper 20266, University Library of Munich, Germany.
  9. Narayan, Paresh Kumar, 2008. "An investigation of the behaviour of Australia's business cycle," Economic Modelling, Elsevier, vol. 25(4), pages 676-683, July.
  10. Francesco Grigoli & Dalia Hakura, 2010. "Recoveries in the Middle East, North Africa, and Pakistan," IMF Working Papers 10/122, International Monetary Fund.

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