{
  "title": "Key Features of Australian Business Cycles",
  "publication": "IMF Working Papers, November 1, 2001",
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  "summary": "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 econo",
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    {
      "heading": "Summary",
      "content": "- Paper objective: Identify and describe the key features of Australian business cycles during 1959-2000, including chronologies of:\n  - Australia's classical cycle (expansions and contractions in the level of output)\n  - Australia's growth cycle (periods of above-trend and below-trend rates of economic growth)\n- Main summary conclusion: Large asymmetries exist in the duration and amplitude of phases in Australia's classical cycle, while the Australian growth cycle is much more symmetric. Filtered output and prices moved in a counter-cyclical fashion over the sample period, suggesting a dominance of shocks to aggregate supply affecting the Australian economy."
    },
    {
      "heading": "Major findings and interpretations",
      "content": "- Cycle chronology and symmetry:\n  - The classical cycle exhibits large asymmetries in both duration and amplitude of phases.\n  - The growth cycle is much more symmetric on duration and amplitude measures.\n- Output and prices co-movement:\n  - Filtered real output and the price level moved in a counter-cyclical fashion over 1959-2000.\n  - This counter-cyclical movement of output and prices is interpreted as suggesting a dominance of shocks to aggregate supply in driving Australian business cycle dynamics during the sample period."
    },
    {
      "heading": "Methods and technical notes (as described)",
      "content": "- Cycles evaluated:\n  - Classical cycle: expansions and contractions in the level of output.\n  - Growth cycle: above-trend and below-trend rates of economic growth.\n- Filters and techniques mentioned in keywords:\n  - Filtered real GDP\n  - OC filter / OC method\n  - Rank correlation\n  - Duration dependence\n  - Business cycle-dating rule\n- Data sample period: 1959-2000"
    },
    {
      "heading": "Policy-relevant implications (derived from findings)",
      "content": "- If aggregate supply shocks dominate:\n  - Policy responses focused solely on demand management may be insufficient to stabilize both output and prices.\n  - Understanding asymmetries in the classical cycle is important for designing counter-cyclical policy measures that account for differing durations and amplitudes of expansions and contractions.\n- Symmetry of the growth cycle implies:\n  - Policy aimed at stabilizing growth rates may face more regular, symmetric dynamics compared with policies targeting output levels.\n\n---\n\n Content in this bundle\n\n- Key Features of Australian Business Cycles - WP/01/171\n  - Key Features of Australian Business Cycles - WP/01/171 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Key Features of Australian Business Cycles - WP/01/171 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/key-features-of-australian-business-cycles-15438"
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    "Authors: Paul Cashin, Sam Ouliaris",
    "Published: November 1, 2001",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451858501.001",
    "Paper objective: Identify and describe the key features of Australian business cycles during 1959-2000, including chronologies of:",
    "Main summary conclusion: Large asymmetries exist in the duration and amplitude of phases in Australia's classical cycle, while the Australian growth cycle is much more symmetric. Filtered output and prices moved in a counter-cyclical fashion over the sample period, suggesting a dominance of shocks to aggregate supply affecting the Australian economy.",
    "Cycle chronology and symmetry:",
    "Output and prices co-movement:",
    "Cycles evaluated:",
    "Filters and techniques mentioned in keywords:",
    "Data sample period: 1959-2000",
    "If aggregate supply shocks dominate:",
    "Symmetry of the growth cycle implies:",
    "**Key Features of Australian Business Cycles - WP/01/171**"
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