Key Features of Australian Business Cycles

Paul Cashin () and Sam Ouliaris

No 2001/171, IMF Working Papers from International Monetary Fund

Abstract: This paper identifies and describes the key features of Australian business cycles during 1959-2000. In particular, we identify the chronologies in Australia's classical cycle (expansions and contractions in the level of output) and growth cycle (periods of above-trend and below-trend rates of economic growth). We find that while there are large asymmetries in the duration and amplitude of phases in Australia's classical cycle, on both measures the Australian growth cycle is much more symmetric. Further, our results indicate that over the sample period Australian (filtered) output and prices have moved in a counter-cyclical fashion, suggesting a dominance of shocks to aggregate supply affecting the Australian economy.

Keywords: WP; growth cycle; rank correlation; price level; null hypothesis; business cycles; duration dependence; Australia; OC filter; time series; OC method; contraction phase; real GDP movement; filtered real GDP; business cycle frequency; abovementioned business cycle-dating rule; real GDP ending; Deflation (search for similar items in EconPapers)
Pages: 30
Date: 2001-11-01
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Citations: View citations in EconPapers (7)

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