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No, Business Cycles Are Not All Alike: The United States and Australia Compared

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  • Bowden, Roger J
  • Martin, Vance L

Abstract

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

Suggested Citation

  • Bowden, Roger J & Martin, Vance L, 1992. "No, Business Cycles Are Not All Alike: The United States and Australia Compared," Australian Economic Papers, Wiley Blackwell, vol. 31(59), pages 385-398, December.
  • Handle: RePEc:bla:ausecp:v:31:y:1992:i:59:p:385-98
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