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Business Cycles

An International Comparison of Stylized Facts in a Historical Perspective. Contributions to Economics

By (author) Ulrich Woitek
Format: Paperback
Publisher: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG, Heidelberg, Germany
Imprint: Physica-Verlag GmbH & Co
Published: 16th Apr 1997
Dimensions: w 156mm h 234mm d 12mm
Weight: 316g
ISBN-10: 3790809977
ISBN-13: 9783790809978
Barcode No: 9783790809978
Subject is the description of unvariate and multivariate business cycle stylized facts. A spectral analysis method (Maximum Entropy spectral estimation) novel in the analysis of economic time series is described and utilized. The method turns out to be superior to widely used time domain methods and the "classical" spectral estimate, the periodogram. The results for eleven OECD countries confirm and extend the basic set of stylized facts of traditional business cycle theory. The changing characteristics of the business cycle are analyzed by comparing the cyclical structure for the postwar and the prewar period. The results show that business cycle is mainly due to investment fluctuations.

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