EconStor >
Technische Universität Dortmund >
Sonderforschungsbereich 475: Komplexitätsreduktion in multivariaten Datenstrukturen, Technische Universität Dortmund >
Technical Reports, SFB 475, TU Dortmund >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/22603
  
Title:The Clinton era and the U.S. business cycle : what did change? PDF Logo
Authors:Heilemann, Ullrich
Münch, Heinz Josef
Issue Date:2005
Series/Report no.:Technical Report / Universität Dortmund, SFB 475 Komplexitätsreduktion in Multivariaten Datenstrukturen 2005,12
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.
Subjects:U.S. business cycle
4-phase scheme
discriminance analysis
Clinton era
JEL:O51
E29
E32
Document Type:Working Paper
Appears in Collections:Technical Reports, SFB 475, TU Dortmund

Files in This Item:
File Description SizeFormat
tr12-05.pdf87.15 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/22603

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.