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Australian Business Cycle Facts

Author

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  • Fisher, Lance A
  • Otto, Glenn
  • Voss, Graham M

Abstract

This paper documents the post-war business cycle facts for Australia. The Hodrick-Prescott filter is used to remove the trend component from quarterly macroeconomic series. The business cycle facts we report are the volatilities of the cyclical (detrended) series and their cross correlations with cyclical real output. These facts are consistent with the business cycle facts reported for the United States, the United Kingdom and New Zealand with one exception. For most of the period since 1974, the real wage in Australia is strongly counter-cyclical whereas for these countries it is procyclical. Copyright 1996 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia

Suggested Citation

  • Fisher, Lance A & Otto, Glenn & Voss, Graham M, 1996. "Australian Business Cycle Facts," Australian Economic Papers, Wiley Blackwell, vol. 35(67), pages 300-320, December.
    • Handle: RePEc:bla:ausecp:v:35:y:1996:i:67:p:300-320
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    Cited by:

    1. Alan Rai, 2015. "Stock Market Illiquidity's Predictive Role Over Economic Growth: The Australian Evidence," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 18(02), pages 1-30.
    2. Paul Cashin & Sam Ouliaris, 2004. "Key Features of Australian Business Cycles," Australian Economic Papers, Wiley Blackwell, vol. 43(1), pages 39-58, March.
    3. Narayan, Paresh Kumar, 2008. "An investigation of the behaviour of Australia's business cycle," Economic Modelling, Elsevier, vol. 25(4), pages 676-683, July.
    4. Don Harding & Adrian Pagan, 1999. "Knowing the Cycle," Melbourne Institute Working Paper Series wp1999n12, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    5. Susan Black & Tom Cusbert, 2010. "Durable Goods and the Business Cycle," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 11-18, September.
    6. Tawadros, George B., 2011. "The stylised facts of Australia's business cycle," Economic Modelling, Elsevier, vol. 28(1), pages 549-556.
    7. Nilss Olekalns, 2001. "Cyclical asymmetries in Australian macroeconomic data," Applied Economics Letters, Taylor & Francis Journals, vol. 8(3), pages 145-148.
    8. McKelvie, S. & Hall, Viv B., 2012. "Stylised facts for New Zealand business cycles: A post-1987 perspective," Working Paper Series 18698, Victoria University of Wellington, School of Economics and Finance.
    9. McKelvie, S. & Hall, Viv B., 2012. "Stylised facts for New Zealand business cycles: A post-1987 perspective," Working Paper Series 2364, Victoria University of Wellington, School of Economics and Finance.

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