Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/189223
Authors: 
Gregory, Allan W.
Smith, Gregor W.
Year of Publication: 
1994
Series/Report no.: 
Queen's Economics Department Working Paper 901
Abstract: 
Business cycles may be defined or measured by parametrizing detrending filters to maximize the ability of a business-cycle model to match the moments of the remaining cycles. Thus a theory can be used to guide cycle measurement. We present two applications to U.S. postwar data. In the first application the cycles are measured with a standard, real business cycle model. In the second, they are measured using information on capacity utilization and unemployment rates. Simulation methods are used to describe the properties of the GMM estimators and to allow exact inference.
Subjects: 
business cycles
detrending
JEL: 
E32
C32
C15
Document Type: 
Working Paper
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