No, Business Cycles Are Not All Alike: The United States and Australia Compared
From the statistical point of view, a business cycle may be characterized in terms of a common latent structure assigned to the various indicator series. This may be detected by a component analysis of the spectral density matrix and established as a reference cycle in the time domain. Using this theory, we compare the Australian and United States postwar economies and find that whereas the United States has a well defined business cycle, the Australian cycle is more diffuse, with a lack of coherence among important indicators. Such divergences can be regarded as stylistic facts that warrant causal explanation. Copyright 1992 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia
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Volume (Year): 31 (1992)
Issue (Month): 59 (December)
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