Postwar U.S business cycles: An empirical investigation

Robert J. Hodrick; Edward C. Prescott

doi:10.2307/2953682

Postwar U.S business cycles: An empirical investigation

Robert J. Hodrick, Edward C. Prescott

Research output: Contribution to journal › Article › peer-review

3415 Scopus citations

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 language	English (US)
Pages (from-to)	1-16
Number of pages	16
Journal	Journal of Money, Credit and Banking
Volume	29
Issue number	1
DOIs	https://doi.org/10.2307/2953682
State	Published - Feb 1 1997
Externally published	Yes

ASJC Scopus subject areas

Accounting
Finance
Economics and Econometrics

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Postwar U.S business cycles: An empirical investigation

Abstract

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