Seite - 117 - in The Austrian Business Cycle in the European Context

117 des of each series with respect to the reference series, but this problem seems to be less severe than when using just filtered data. The largest difference concerning the number of dated cycles be- tween the dynamic factor approach and just filtered data is for BK-transformed data. In the case of just filtered data, the refer- ence series shows 15 turning points, whereas the common com- ponent of this series reports only 12. Obviously, the dynamic factor approach discarded one-and-a-half idiosyncratic cycles from the reference series autGV Aex, but the dates of the remaining turning points are nearly the same. Such reduction of cycles when clear- ing for idiosyncratic business cycle movements is also observed for the other BK-filtered series. The first turning point detected for both series of BK-filtered autGVAex is a peak in the second quarter of 1977, followed by a trough in the third (for just filtered series) or the second quarter (in the dynamic factor model approach) of 1978, respectively. For both approaches, the Bry-Boschan routine found the next peak in the fourth quarter of 1979 and a subsequent trough in the third or the fourth quarter of 1982, respectively. The next cycle, marked by a peak in the third quarter of 1983 and a trough in the third quar- ter of 1984 for just BK-filtered data, was classified as an idiosyn- cratic cycle by the dynamic factor model and therefore dis- carded, hence not showing up in the calendar of this approach. The next peak for the common component hos been detected in the third quarter of 1985 and is doted one quarter earlier for just filtered series. The end of the ensuing recession marks a trough dated at the end of 1987 for both methods. For the dynamic fac- tor model approach, the following peak is dated in the fourth quarter of 1991 one quarter earlier than for the just filtered series ( 1 Q 1992). Again, both calendars match for the following trough that occurred in the third quarter of 1993. The subsequent recov- ery ended around the turn of the year 1994-1995, with the com- mon component dating it in the last quarter of 1994 and the just filtered series at 1 Q 1995. Apart from the different number of cy-