@techreport{Heilemann2005Clinton,
abstract = {The 1990s were the most prosperous decade in U.S. economic history. The paper analyses
to which extent this period fits into preceding cyclical experience. This is done by
classifying the period 1991-12 to 2000-12 with the help of a 4-phase classification
scheme based on multivariate discriminance analysis. It is shown that in relation to the
post 1970 experience, the ?fabulous decade? saw considerable shifts of influence between
the 19 classifying variables. Most noteworthy are the much reduced influence of
M2, Net Exports, and Unemployment on the one side and the increase of Real GNP, inflation,
Government Expenditure and of Unit Labor Cost on the other side. This confirms
interpretations of the fabulous decade as the result of a forbearing monetary policy made
possible by a deficit targeting fiscal policy, low inflation and a productivity jump. However,
the era looses some of its uniqueness when it is seen in the entire post WW II cycle history.},
author = {Ullrich Heilemann and Heinz Josef M\"{u}nch},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {O51; E29; E32; 330; U.S. business cycle; 4-phase scheme; discriminance analysis; Clinton era; Konjunktur; Wirtschaftswachstum; Konjunkturpolitik; Diskriminanzanalyse; Sch\"{a}tzung; Vereinigte Staaten},
language = {eng},
number = {2005,12},
title = {The Clinton era and the U.S. business cycle : what did change?},
type = {Technical Report / Universit\"{a}t Dortmund, SFB 475 Komplexit\"{a}tsreduktion in Multivariaten Datenstrukturen},
url = {http://hdl.handle.net/10419/22603},
year = {2005}
}
