Is the Norwegian Business Cycle Asymmetric?

Michael Bergman and Lars Jonung ()

Chapter 8 in Nonlinearities, Disequilibria and Simulation, 1992, pp 107-133 from Palgrave Macmillan

Abstract: Abstract The business cycle has been the subject of much theoretical and empirical research in recent years. Empirical work has dealt with the transmission, for example, Dellas (1986), Gerlach and Klock (1988) and Bergman, Gerlach and Jonung (1992); the amplitude, for example, Sheffrin (1988), Romer (1987, 1989), Balke and Gordon (1989) and Bergman and Jonung (1990); the duration, for example, Diebold and Rudebusch (1990); and the symmetry, for example, Neftçi (1984) and Falk (1986), of cycles as registered by various macroeconomic time series. In this chapter we focus on the issue of symmetry; more specifically we will examine the assertion that the expansion phase is as a rule longer than the contraction phase of the cycle, a view expounded by Wesley C. Mitchell and John Maynard Keynes, among others.1

Keywords: Business Cycle; Gross National Product; Cyclical Component; Economic Time Series; Nonlinear Time Series Model (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-12227-1_8

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