Postwar U.S business cycles: An empirical investigation

Robert J. Hodrick, Edward Prescott

Research output: Contribution to journalArticle

2370 Citations (Scopus)

Abstract

We propose a procedure for representing a time series as the sum of a smoothly varying trend component and a cyclical component. We document the nature of the comovements of the cyclical components of a variety of macroeconomic time series. We find that these comovements are very different than the corresponding comovements of the slowly varying trend components.

Original languageEnglish (US)
JournalJournal of Money, Credit and Banking
Volume29
Issue number1
StatePublished - Feb 1997
Externally publishedYes

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Empirical investigation
Business cycles
Comovement
Macroeconomics

ASJC Scopus subject areas

  • Accounting
  • Economics and Econometrics
  • Finance

Cite this

Postwar U.S business cycles : An empirical investigation. / Hodrick, Robert J.; Prescott, Edward.

In: Journal of Money, Credit and Banking, Vol. 29, No. 1, 02.1997.

Research output: Contribution to journalArticle

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