Subject is the description of unvariate and multivariate business
cycle stylized facts. A spectral analysis method (Maximum Entropy
spectral estimation) novel in the analysis of economic time series
is described and utilized. The method turns out to be superior to
widely used time domain methods and the "classical" spectral
estimate, the periodogram. The results for eleven OECD countries
confirm and extend the basic set of stylized facts of traditional
business cycle theory. The changing characteristics of the business
cycle are analyzed by comparing the cyclical structure for the
postwar and the prewar period. The results show that business cycle
is mainly due to investment fluctuations.
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