Key Features of Australian Business Cycles

This paper identifies and describes the key features of Australian business cycles during the period 1959–2002. 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‐tren...

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Bibliographic Details
Published in:Australian economic papers 2004-03, Vol.43 (1), p.39-58
Main Authors: Cashin, Paul, Ouliaris, Sam
Format: Article
Language:English
Subjects:
Australia
Australia: Economic history
Business cycles
Econometrics
Economic activity
Economic development
Economic growth
Economics
Prices
Statistics
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Summary:This paper identifies and describes the key features of Australian business cycles during the period 1959–2002. 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.
ISSN:0004-900X
1467-8454
DOI:10.1111/j.1467-8454.2004.00215.x