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Business cycles --- Credit --- Exports --- Economic cycles --- Economic fluctuations --- Cycles
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Hauptbeschreibung The analysis of cyclical macroeconomic phenomena is an important field of econometric research. In the recent past, research interests have de-emphasized quantitative forecasting exercises and have addressed the qualitative diagnosis of the relative stance of the economy regarding ""upswing"", ""recession"", or ""boom"" periods, i. e. the classification of the state of the economy into a limited number of discrete states. In this context the principal challenge is to reduce the multifaceted and sometimes abundant quantitative information about the business cycle to
Business cycles --- Statistics --- Economic cycles --- Economic fluctuations --- Cycles --- Makroökonomie --- Business Cycle --- Cluster
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This paper identifies and describes key features of Caribbean business cycles during the period 1963-2003. In particular, the chronologies in the Caribbean classical cycle (expansions and contractions in the level of output) and growth cycle (periods of above-trend and below-trend rates of economic growth) are identified. It is found that Caribbean classical cycles are longer-lived than those of developed countries and non-Caribbean developing countries. While there are large asymmetries in the duration and amplitude of phases in the Caribbean classical cycle, on both measures the Caribbean growth cycle is much more symmetric. Further, there is some evidence of synchronization among the classical cycles of Caribbean countries, and stronger evidence of synchronization of Caribbean growth cycles.
Business cycles --- Economic cycles --- Economic fluctuations --- Cycles --- Cariribean Area --- Economic policy. --- Macroeconomics --- Production and Operations Management --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Macroeconomics: Production --- Economic growth --- Output gap --- Production growth --- Production --- Economic theory --- United States
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This paper identifies and describes the key features of Australian business cycles during 1959-2000. In particular, we identify the chronologies in Australia's classical cycle (expansions and contractions in the level of output) and growth cycle (periods of above-trend and below-trend rates of economic growth). We find that while there are large asymmetries in the duration and amplitude of phases in Australia's classical cycle, on both measures the Australian growth cycle is much more symmetric. Further, our results indicate that over the sample period Australian (filtered) output and prices have moved in a counter-cyclical fashion, suggesting a dominance of shocks to aggregate supply affecting the Australian economy.
Macroeconomics --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Business Fluctuations --- Cycles --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Price Level --- Inflation --- Deflation --- Economic growth --- Business cycles --- Prices --- Australia
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We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw economies as operating below their potential. In real time, output gaps tend to have large and negative averages that are largely revised away in later vintages. Most of the mis-measurement in real time can be explained by the difficulty in predicting recessions and by overestimation of the economy’s potential capacity. We also find, in line with earlier literature, that real-time output gaps are not useful for predicting inflation. In addition, countries where slack (and potential growth) is overestimated to a larger extent primary fiscal balances tend to be lower and public debt ratios are higher and increase faster than projected. Previous research suggests that national authorities’ real-time output gaps suffer from a similar bias. To the extent these estimates play a role in calibrating fiscal policy, over-optimism about long-term growth could contribute to excessive deficits and debt buildup.
Business cycles. --- Economic cycles --- Economic fluctuations --- Cycles --- Inflation --- Macroeconomics --- Public Finance --- Production and Operations Management --- Measurement and Data on National Income and Product Accounts and Wealth --- Environmental Accounts --- Price Level --- Deflation --- Business Fluctuations --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Forecasts of Budgets, Deficits, and Debt --- Macroeconomics: Production --- Fiscal Policy --- Output gap --- Fiscal stance --- Potential output --- Fiscal policy --- Production --- Prices --- Economic theory --- France
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Impacts of Climate Change on Rainfall Extremes and Urban Drainage Systems provides a state-of-the-art overview of existing methodologies and relevant results related to the assessment of the climate change impacts on urban rainfall extremes as well as on urban hydrology and hydraulics. This overview focuses mainly on several difficulties and limitations regarding the current methods and discusses various issues and challenges facing the research community in dealing with the climate change impact assessment and adaptation for urban drainage infrastructure design and management
Rainfall anomalies. --- Drainage --- Climatic changes --- Changes, Climatic --- Changes in climate --- Climate change --- Climate change science --- Climate changes --- Climate variations --- Climatic change --- Climatic fluctuations --- Climatic variations --- Global climate changes --- Global climatic changes --- Climatology --- Climate change mitigation --- Teleconnections (Climatology) --- Anomalies, Rainfall --- Fluctuations, Rainfall --- Rainfall fluctuations --- Precipitation anomalies --- Rain and rainfall --- Land drainage --- Agricultural engineering --- Hydraulic engineering --- Reclamation of land --- Sanitary engineering --- Sewerage --- Environmental aspects. --- Environmental aspects --- Global environmental change
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Growth and inflation in Turkey have been volatile over the last two decades. It would, therefore, be useful to identify indicators that anticipate economic conditions and inflation. This paper investigates the predictive performance of economic indicators for inflation and real output growth in Turkey. We find that (i) the forecasting ability of individual indicators is unstable; but that (ii) a suitable combination of these unstable forecasts yields a forecast that reliably outperforms that generated by an autoregressive model. We then propose a two-stage combination forecast obtained by taking the median of the top five performing individual forecasts. This two-stage forecast reliably improves on autoregressive benchmarks and outperforms the combination forecast based on all the individual forecasts.
Inflation --- Macroeconomics --- Forecasting --- Price Level --- Deflation --- Business Fluctuations --- Cycles --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Central Banks and Their Policies --- Economic Growth of Open Economies --- Economywide Country Studies: Europe --- Forecasting and Other Model Applications --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Economic Forecasting --- Economic growth --- Consumer price indexes --- Asset prices --- Economic forecasting --- Cyclical indicators --- Prices --- Price indexes --- Business cycles --- Turkey
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This paper develops an aggregation procedure using time-varying weights for constructing the common component of international economic fluctuations. The methodology for deriving time-varying weights is based on some stylized features of the data documented in the paper. The model allows for a unified treatment of cyclical and seasonal fluctuations and also captures the dynamic propagation of shocks across countries. Correlations of individual country fluctuations with the common component provide evidence of a “world business cycle” and a distinct European common component. The results suggest that macroeconomic fluctuations have become more closely linked across industrial economies in the post–Bretton Woods period.
Econometrics --- Macroeconomics --- Industries: General --- Business Fluctuations --- Cycles --- Model Construction and Estimation --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Macroeconomics: Production --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Classification Methods --- Cluster Analysis --- Principal Components --- Factor Models --- Industrial Organization: General --- Economic growth --- Econometrics & economic statistics --- Industrial production --- Production growth --- Business cycles --- Factor models --- Industrial sector --- Production --- Econometric analysis --- Economic sectors --- Industries --- Economic theory --- Econometric models --- United States
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In the context of the U.K. government’s EMU entry condition of cyclical convergence, this paper (i) provides further evidence suggesting that historically the U.K.’s business cycle has been more volatile than, and relatively independent of, the cycles in the euro-area countries; and (ii) identifies, using a small VAR model, a relatively significant role for monetary policy in explaining these differences. A simulation exercise suggests that if the U.K. interest rates had been more closely aligned with those in the euro area in the 1990s (as they would be if the United Kingdom were to join EMU), output growth might have been less volatile and more correlated with that in the euro area, but inflationary pressures might have persisted.
Foreign Exchange --- Inflation --- Macroeconomics --- Production and Operations Management --- Business Fluctuations --- Cycles --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- International Economic Order and Integration --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Price Level --- Deflation --- Macroeconomics: Production --- Economic growth --- Currency --- Foreign exchange --- Business cycles --- Exchange rates --- Real effective exchange rates --- Output gap --- Prices --- Production --- Economic theory --- United Kingdom
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This paper presents a "bridge model" for short-run (one or two quarters ahead) forecasting of Italian GDP, relying on industrial production and survey indicators as key variables that can help in providing a real-time first GDP estimate. For a one- to two-year horizon, it formulates and estimates a Bayesian VAR (BVAR) model of the Italian economy. Both the "bridge" and the BVAR model can be of great help in supplementing traditional judgmental or structural econometric forecasts. Given their simplicity and their good forecasting power, the framework may be usefully extended to other variables as well as to other countries.
Econometrics --- Macroeconomics --- Industries: General --- Bayesian Analysis: General --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Business Fluctuations --- Cycles --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Macroeconomics: Production --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Forecasting and Simulation: Models and Applications --- Economic growth --- Econometrics & economic statistics --- Economic Forecasting --- Cyclical indicators --- Industrial production --- Vector autoregression --- GDP forecasting --- Production index --- Production --- Econometric analysis --- National accounts --- Business cycles --- Industries --- National income --- Economic theory --- United States
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