Key Features of Australian Business Cycles

November 1, 2001

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Format: Chicago

Paul Cashin, and Sam Ouliaris. Key Features of Australian Business Cycles, (USA: International Monetary Fund, 2001) accessed September 20, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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 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.

Subject: Business cycles, Deflation, Economic growth, Prices

Keywords: Abovementioned business cycle-dating rule, Australia, Business cycle frequency, Business cycles, Contraction phase, Deflation, Duration dependence, Filtered real GDP, Growth cycle, Null hypothesis, OC filter, OC method, Price level, Rank correlation, Real GDP ending, Real GDP movement, Time series, WP

Publication Details

Pages:

30
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2001/171
Stock No:

WPIEA1712001
ISBN:

9781451858501
ISSN:

1018-5941

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