## Figure 1.1.1.  Financial Cycles and Output Gaps

## Source details

**Canonical URL:** [Figure 1.1.1.  Financial Cycles and Output Gaps](https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/box-figure1-1-1.csv)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/box-figure1-1-1.csv.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/box-figure1-1-1.csv.json)

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### Dataset scope and structure
- Worksheet name: "csv".
- Row count: 177.
- Column count: 54.
- Top-level headings captured in the file:
  - "1. US Cycles: Current versus Historical since 1970"
  - "2. Asset and Credit Cycles and Output Gap"

### Variables and labels (as provided)
- Asset Cycle
  - Label: "(Quarterly index, deviation of filtered real growth from its historical average)"
- Credit Cycle
  - Label: "(Quarterly index, deviation of filtered real growth from its historical average)"
- Output Gap
  - Label: "(Percentage points)"

### Organization of the figure panels (as indicated)
- Panel 1: US Cycles — comparison of current cycle versus historical cycles since 1970.
- Panel 2: Asset and Credit Cycles and Output Gap — juxtaposes asset cycle, credit cycle (both as quarterly indices, deviations of filtered real growth from historical average) with the output gap (in percentage points).

### Notes on formatting in the CSV
- Many header rows provide descriptive text for chart panels and axes rather than numeric observations.
- The CSV conveys axis labels and measurement units explicitly for each series: quarterly index deviations for Asset Cycle and Credit Cycle; percentage points for Output Gap.

*Source: box-figure1-1-1 CSV dataset (worksheet "csv"; 177 rows; 54 columns) — https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/box-figure1-1-1.csv*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/box-figure1-1-1.csv_