In this paper, an Unobserved Components Model is employed to decompose German real GDP into the trend, cycle and … declined from 4.2 per cent in the sixties to 1.4 per cent at the end of the nineties of the last century. 2) The business cycle …

integration impacts positively on business cycle comovements of economies. We consider three Western equity markets, represented … high frequencies have become less pronounced; (ii) the European markets are in phase at business cycle frequency, while the … findings of traditional business cycle research, and it has the advantage of using only readily available stock market data. …

This paper proposes a new filter technique to separate trend and cycle based on stylised economic properties of trend … and cycle, rather than relying on ad hoc statistical proper-ties such as frequency. Given the theoretical separation … between economic growth and business cycle literature, it is necessary to make the measures of trend and cycle match what the …