In the time domain, the observed cyclical behavior of the real wage hides a range of economic influences that give rise to cycles of differing lengths and strengths. This may serve to produce a distorted picture of wage cyclicality. Here, we deploy frequency domain methods that allow us to asses...

R.G. Goodwin mentioned that "economists will be led, as natural scientists have been led, to seek in nonlinearities an explanation of the maintenance of oscillation" (Goodwin, Econometrica 19(1), 1951); following this reasoning, we studied business cycles as if they were generated by nonlinear...

This paper examines the issue of international synchronization of cycles. Using spectral methods we analyze the pattern of co-movement (coherences) of growth rate cycles between countries across frequency bands and overtime. We also examine the lead-lag structure (phase shifts) of country cycles...

By applying spectral analysis, this paper discovered that: (1) bond, equity, and commodity markets followed regular cyclical patterns of the business cycle that lasted 3.5 to 7.5years; (2) four significant lead or lag relationships existed between the business cycle and the three markets, where...

A variety of filters that are commonly employed by econometricians are analysed with a view to determining their effectiveness in extracting well-defined components of economic data sequences. These components can be defined in terms of their spectral structures—i.e. their frequency...