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On the Measurement of Business Cycles and Growth Cycles

Author

Listed:
  • Victor Zarnowitz

    (The Conference Board)

  • Ataman Ozyildirim

    (The Conference Board)

Abstract

Business cycles and growth cycles should not be mixed or confused, as is unfortunately often the case in discussions of economic growth. This paper compares various approaches to time series decomposition for the analysis of business cycles and growth cycles as related but separate phenomena. We discuss the phase average trend (PAT) in some detail and compare it with the Hodrick-Prescott and band-pass filter methods of trend estimation. We find that the PAT yields better results for the purposes of identifications and study of growth cycles.

Suggested Citation

  • Victor Zarnowitz & Ataman Ozyildirim, 2001. "On the Measurement of Business Cycles and Growth Cycles," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 36(1), pages 37-54, January.
    • Handle: RePEc:dse:indecr:v:36:y:2001:i:1:p:37-54
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    Citations

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    Cited by:

    1. Rabanal, Cristian & Baronio, Alfredo Mario, 2010. "Alternativas para la modelización de tendencias y ciclos en la economía argentina, 1880-2009/Alternatives for Modeling Trends and Cycles in Argentina's Economy, 1880 - 2009," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 28, pages 651-670, Diciembre.
    2. Sonia de Lucas Santos & M. Jesús Delgado Rodríguez & Inmaculada Álvarez Ayuso & José Luis Cendejas Bueno, 2011. "Los ciclos económicos internacionales: antecedentes y revisión de la literatura," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 34(95), pages 73-84, Agosto.
    3. Calderon, Cesar & Fuentes, Rodrigo, 2010. "Characterizing the business cycles of emerging economies," Policy Research Working Paper Series 5343, The World Bank.
    4. Andrés Maroto-Sánchez & Juan R. Cuadrado-Roura, 2013. "Recent cyclical movements in the spanish productivity. An aggregate and sectoral analysis," Working Papers 06/13, Instituto Universitario de Análisis Económico y Social.
    5. Andres Maroto-Sanchez & Juan R. Cuadrado-Roura, 2013. "The key role of the productive structure in the countercyclical productivity in Spain," Economics and Business Letters, Oviedo University Press, vol. 2(3), pages 86-93.

    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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