On the Measurement of Business Cycles and Growth Cycles
AbstractBusiness 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.
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Bibliographic InfoArticle provided by Department of Economics, Delhi School of Economics in its journal Indian Economic Review.
Volume (Year): 36 (2001)
Issue (Month): 1 (January)
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Postal: University of Delhi, Delhi 110 007
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Find related papers by 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, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
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