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An examination of business cycle features in UK sectoral output
[journal article]
Abstract This paper examines business cycle features of UK GDP sectors with regard to trends, cycles and growth. The empirical study adopts the Kalman filter to decompose these GDP sectors into trend and cycle components. The general model of this study encompasses a number of alternative specifications abou... view more
This paper examines business cycle features of UK GDP sectors with regard to trends, cycles and growth. The empirical study adopts the Kalman filter to decompose these GDP sectors into trend and cycle components. The general model of this study encompasses a number of alternative specifications about trend growth, therefore accommodating diverse views on growth. There is reasonable support in the results for a mean-reverting stochastic growth model for the UK economy. The characteristics in trends and cycles of UK GDP sectors are discussed, focusing on their similarities and differences around business cycles.... view less
Keywords
business cycle; economic development (on national level); economic growth; Great Britain; gross domestic product; trend
Classification
Economic Statistics, Econometrics, Business Informatics
Political Economy
Free Keywords
business cycles; cycle; growth; mean-reverting; decomposition; Kalman filter
Document language
English
Publication Year
2009
Page/Pages
p. 3241-3252
Journal
Applied Economics, 42 (2009) 25
DOI
https://doi.org/10.1080/00036840802599818
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)