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Business Cycles Chronology for Colombia


  • Luis Eduardo Arango

    (Unidad de Investigaciones Económicas del Banco de la República)

  • Fernando Arias

    (Asistente de investigación en el Banco de la República)

  • Luz Adriana Flórez

    (Unidad de Programación e Inflación en el Banco de la República)

  • Munir Jalil

    (Unidad de Investigaciones Económicas del Banco de la República)


By using the methodology of Bry and Boschan (1971), this work proposes precise dates for the business cycles occurred in Colombia between 1980 and 2007 identifying the phases of boom and slump. During the sample period, five complete cycles were detected, which happened to be asymmetric such as those of the United States. This means that expansions are longer than recessions. On average, the cycles in Colombia between 1983 and 2007, according to IPI (Industrial Production Index), were of 45.6 months (3.8 years) approximately. The longer cycles occurred at the end of eighties and mid nineties with average durations of 68 months.

Suggested Citation

  • Luis Eduardo Arango & Fernando Arias & Luz Adriana Flórez & Munir Jalil, 2008. "Business Cycles Chronology for Colombia," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 68, pages 9-37, Enero-Jun.
  • Handle: RePEc:lde:journl:y:2008:i:68:p:9-37

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    business cycles; phases; stylized facts; probabilities;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production


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