Korrelationsmønstre i danske konjunkturcykler

Frank Øland Hansen () and Dan Knudsen ()
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Frank Øland Hansen: Danmarks Nationalbank, Økonomisk Afdeling
Dan Knudsen: Danmarks Nationalbank, Økonomisk Afdeling

Nationaløkonomisk tidsskrift, 2004, vol. 2004, issue 1, 257-273

Abstract: Danish business cycles from 1974 to 2000 are studied. The HP-filter is applied and a number of empirical regularities are identified: Consumption has often led the GDP cycle while investment, especially construction, has tended to follow with a lag. Import is clearly pro cyclical and foreign trade has modified the swings in GDP. Price and wage levels are found to be dominantly counter-cyclical. However, wage changes seem pro-cyclical as they correlate negatively with unemployment and it is not necessary to attribute a dominant role to supply shocks to explain the price cycle. A counter-cyclical pattern in the profit share suggests that demand shocks impact prices via the wage formation rather than pulling prices directly

Keywords: konjunkturcykler; korrelationsmønstre (search for similar items in EconPapers)
JEL-codes: A10 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (1)

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