Using recent advances in time-varying spectral methods, this research analyses the growth cycles of the core of the euro area in terms of frequency content and phasing of cycles. The methodology uses the continuous wavelet transform (CWT) and also Hilbert wavelet pairs in the setting of a...

This study assesses the claim that the Austrian economy depends mainly on the German business cycle. Controlling for possible influences from the U.S. economy, it is confirmed that the Austrian and German industrial production indexes have a common long-term stochastic trend and the German...