Title: Business Cycle Stylized Facts in the OECD Countries
Abstract: In the following sections, I analyze the cyclical structure of prices and money stock (Ml) in addition to the GDP and its components.1 As stated above, the business cycle stylized facts of these series are analyzed in the modern literature focussing on the following basic aspects: (1) The amplitude of the fluctuations; and (2) the degree of comovement with a measure for the output, together with the phase shift of the series relative to the output cycle. Lucas (1977), p. 218 summarizes the commonly accepted view concerning these aspects: , business cycles are all alike.
Publication Year: 1997
Publication Date: 1997-01-01
Language: en
Type: book-chapter
Indexed In: ['crossref']
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