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A Note on the Australian Business Cycle

Author

Listed:
  • Crosby, Mark

    (University of Melbourne)

Abstract

There has been a large literature in recent years, both in Australia and elsewhere, emphasising the importance of testing for unit roots in time series data. In particular, there has been much discussion about whether or not GDP contains a unit root. In this comment, it is pointed out that the importance of this issue has been overstated, and that the implications for macroeconomic theory of the unit root issue are not clear cut. Moreover it is unlikely that the debate over the empirical properties of GDP will be resolved with the sample sizes available.

Suggested Citation

  • Crosby, Mark, 1998. "A Note on the Australian Business Cycle," Economic Analysis and Policy, Elsevier, vol. 28(1), pages 103-108, March.
    • Handle: RePEc:eee:ecanpo:v:28:y:1998:i:1:p:103-108
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    Citations

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    Cited by:

    1. Franco Bevilacqua & Adriaan van Zon, 2004. "Random walks and non-linear paths in macroeconomic time series: some evidence and implications," Chapters, in: John Foster & Werner Hölzl (ed.), Applied Evolutionary Economics and Complex Systems, chapter 3, Edward Elgar Publishing.
    2. Asmaa Ahmed, 2005. "Random Walks in the Economic Dynamic Series," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 78-100.

    More about this item

    Keywords

    Business Cycles; Cycle; Macroeconomics; Time Series; Unit Root;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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