Morley, James; Piger, Jeremy - In: The Review of Economics and Statistics 94 (2012) 1, pp. 208-221
The business cycle is a fundamental yet elusive concept in macroeconomics. In this paper, we consider the problem of … measuring the business cycle. First, we argue for the output-gap view that the business cycle corresponds to transitory …-based approach to estimating trend and cycle for the U.S. economy leads to measures of the business cycle that reflect models versus …