This paper examines the asymmetric properties of a broad range of quarterly postwar U.K. macroeconomic time series using recently developed test statistics for contractionary 'deepness' and 'steepness' relative to trend. The authors also examine the robustness of these test statistics to two alternative methods of detrending, namely Hodrick-Prescott filtering and structural time-series modeling. They find strong corroborative evidence of asymmetric steepness relative to trend in durable consumption, total investment, investment in plant and machinery, exports, and unemployment. The authors find weaker evidence of asymmetric deepness in savings, exports, labor hours, consumption, and unemployment. Copyright 1998 by Scottish Economic Society.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Related research
Keywords:
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)