The evolution of US and UK GDP components in the time-frequency domain: A continuous wavelet analysis

Patrick Crowley and Andrew Hughes Hallett

No 23/2019, Bank of Finland Research Discussion Papers from Bank of Finland

Abstract: Understanding the relationship between national income GDP components is an essential part of macroeconomics. This study investigates quarterly real GDP component data for the U.S. and the U.K. and applies continuous wavelet analysis on cross comparisons of the data, from both within and between the two datasets. The results show that the cyclical interactions between consumption and investment are the most complex and most substantial at several different frequencies. The relationship of exports with other macroeconomic variables has also developed over time, likely due to the evolution of an international business cycle.

JEL-codes: C49 E32 F44 F45 F62 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:bofrdp:rdp2019_023

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