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Business cycles in Colombia, 1975-2011

Viviana Alfonso, Luis Arango Thomas (), Fernando Arias-Rodríguez (), Guillermo Cangrejo and Jose Pulido ()

Lecturas de Economía, 2013, issue 78, 115-149

Abstract: We propose a chronology for business cycles in Colombia following the NBER classic notion; that is, dates of peaks and troughs of economic activity are estimated without decomposing the series used in their transitory and permanent components. The estimated chronology suggests that the four complete cycles that occurred between 1975 and 2011 are asymmetric and have an approximate duration of 6.8 years. Expansions lasted, on average, 5.4 years while contractions took about 1.3 years. These results are derived from the application of the cumulative diffusion index to 41 series.

Keywords: business cycles; chronology; diffusion; phases; expansion; recession; trough; peek (search for similar items in EconPapers)
JEL-codes: E23 E32 (search for similar items in EconPapers)
Date: 2013
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Handle: RePEc:lde:journl:y:2013:i:78:p:115-149