The paper presents stylized facts of Euroland's business cycle using aggregated data. The main results are: the determination of turning points in Euroland's business cycle is not very sensitive to the detrending method used, although the level of the recent output gap depends on it. Investment,...

This article investigates the stylized facts of money and credit over the business cycles in nine Organization for Economic Cooperation and Development (OECD) countries using quarterly data from 1960 to 2006, through the application of two main detrending methods. Our findings confirm the...

This paper examines the business cycle properties of a small set of real US macroeconomic time series using a variety of detrending methods. It is shown: (i) that both quantitatively and qualitatively `stylized facts' of US business cycles vary widely across detrending methods; (ii) that...

Summary Following standard real business cycle theory, long run economic growth and short run business cycle fluctuations are attributed to a series of productivity shocks propagated by the economic system which is assumed to be in a rational expectations equilibrium. Characterizing the...

Summary New Keynesian economics stresses the positive link between firms’ net worth, on the one hand, and the equilibrium level of credit granted and aggregate employment, on the other hand. The present paper argues that once money is introduced and adaptive inflation expectations are assumed,...

Zusammenfassung Diese Anmerkung zeigt, dass das reale Bruttoinlandsprodukt der Bundesrepublik Deutschland einem trendstationären Prozess folgt. Dabei werden sowohl ökonometrische Tests, bei denen die Trendstationarität die Alternativhypothese ist, eingesetzt als auch solche, bei denen sie die...

Summary In this paper, an Unobserved Components Model is used to decompose the balances of Ifo Business survey data into the cyclical, the seasonal and the irregular components, as well as the working day effect. The empirical results show that the total cycle consists of three subcycles with...