trends and stochastic cycles in addition to deterministic terms such as linear and non-linear trends. We examine four US … be captured accurately by a model incorporating both stochastic trends and stochastic cycles that allows for some degree … macro series, namely annual and quarterly real GDP and GDP per capita. The results indicate that the behaviour of US GDP can …

trends and stochastic cycles in addition to deterministic terms such as linear and non-linear trends. We examine four US … be captured accurately by a model incorporating both stochastic trends and stochastic cycles that allows for somedegree … macro series, namely annual and quarterly real GDP and GDP per capita. The results indicate that the behaviour of US GDP can …