Postwar U.S. Business Cycles: An Empirical Investigation

Robert James Hodrick () and Edward C. Prescott

Journal of Money, Credit and Banking, 1997, vol. 29, issue 1, pages 1-16

Abstract: The authors propose a procedure for representing a time series of a smoothly varying trend component and a cyclical component. They document the nature of the comovements of the cyclical components of a variety of macroeconomic time series. The authors find that comovements are very different than the corresponding comovements of the slowly varying trend components. Copyright 1997 by Ohio State University Press.

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Working Paper: Post-War U.S. Business Cycles: An Empirical Investigation (1981)
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