Monetary Aspects of Business Cycles in Norway. An Exploratory Study Based on Historical Data

Leo Andreas Grünfeld ()
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Leo Andreas Grünfeld: Statistics Norway, https://www.ssb.no/en/forskning/ansatte

Discussion Papers from Statistics Norway, Research Department

Abstract: Based on the methodology developed by Hodrick & Prescott (1980), it is shown that monetary activity in Norway by no means obeys the cyclical patterns described by Lucas (1983). By constructing annual time series covering monetary data from 1900 to 1992, combined with the use of varying filtering parameter values, it is demonstrated that only credit volume has followed a procyclical pattern. Furthermore, prices are found to be countercyclical during the post war period. Tests of relative volatility and cyclical skewness are presented as well as prospects for future studies of business cycles in Norway based on historical data.

Keywords: Business cycles; history of monetary activity. (search for similar items in EconPapers)
JEL-codes: E32 N13 N14 (search for similar items in EconPapers)
Date: 1994-10
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Persistent link: https://EconPapers.repec.org/RePEc:ssb:dispap:131

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