Dresse, Luc; Van Nieuwenhuyze, Christophe - 2008
-on-year GDP growth. Using the Baxter-King filter, we split up each series into three components: a short-term, a business cycle … and their correlation with GDP growth. In general, the larger the business cycle component, the larger the correlation … overall correlation. We show that survey indicators, similar to year-on-year GDP growth, do not perfectly reflect business …