Measuring Business Cycles – a Dynamic Perspective
نویسنده
چکیده
In this paper we study cyclical patterns by applying multivariate wavelet analysis. The wavelet covariance and wavelet correlation are defined and applied to the analysis of business cycles as an alternative to the traditional cross-spectrum analysis. The main findings for Slovenia are that there is a significant business cycle component in aggregate economic activity. Business cycles are asymmetric and highly synchronized with the EU cycle. Additionally we find that there are three distinctive periods of business cycle synchronization, which have an important impact on the properties of a business cycle.
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