This paper documents the statistical properties of the contemporary business fluctuations in the United Kingdom. The authors study the period 1956-90 using quarterly, detrended data on key aggregate variables. They compute selected moments of the data, compare their results with those for the United States, and rigorously test for dynamic instabilities. The authors' findings confirm the existence of substantive cyclical regularities, both across countries and across time. Some notable cross-country differences are also identified. Conclusions about stability are shown to be potentially sensitive to the method of testing. In general, cross-correlations are appreciably more stable than standard deviations. Copyright 1992 by The London School of Economics and Political Science.
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Article provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 59 (1992) Issue (Month): 236 (November) Pages: 383-401 Download reference. The following formats are available: HTML
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