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9. Comparing results with earlier studies on the
Austrian business cycle
In this chapter. the above findings are compared with those of
earlier studies on the Austrian business cycle. Some of them relate
to specific sectors, some others only to the business cycle of the
whole Austrian economy. There are several studies on this topic,
using different methods and reference series. Only few of them fo-
cus on an explicit dating of the Austrian business cycle and none
of them applies such dating on a sectoral level. Therefore no ear-
lier study can be compared directly with the findings of the pre-
sent one. Even their time horizon often differs substantially.
Despite this problem, the most relevant studies on the subject are
compared with the results of this study in order to check the ro-
bustness of such dating or to give a more complete picture of the
past. Some studies do not present explicit results for Austria, but
only for the core of the euro area. An example is Darvas -Szapary
(2005) who analysed the business cycle synchronisation in the
enlarged EU and therefore set up a group of countries represent-
ing the core of the EU. They compared the business cycle varia-
tions of these core countries (Austria, Belgium. France Germany.
Italy and the Netherlands) with those of several different groups of
central and eastern European countries. The only aspect of their
studies that is of interest in this context is that among the core
countries there exists a very high degree of business cycle syn-
chronisation. This is reflected by high correlations, low volatility,
small leads/lags. similar and high persistence and similar impulse-
response function 113• The following studies present more details.
which makes it worth to compare each of them separately to the
findings of our study. They are ordered according to the consid-
eration they give to business cycle variations in Austria and their
detail of analysis qualifying them for a comparison. In section 9 .15
113 See Darvas -Szap6ry (2005), p. 27.
The Austrian Business Cycle in the European Context
Forschungsergebnisse der Wirtschaftsuniversitat Wien
- Titel
- The Austrian Business Cycle in the European Context
- Autor
- Marcus Scheiblecker
- Verlag
- PETER LANG - lnternationaler Verlag der Wissenschaften
- Ort
- Frankfurt
- Datum
- 2008
- Sprache
- englisch
- Lizenz
- CC BY 4.0
- ISBN
- 978-3-631-75458-0
- Abmessungen
- 14.8 x 21.0 cm
- Seiten
- 236
- Schlagwörter
- Economy, Wirtschaft, WIFO, Vienna
- Kategorien
- International
- Recht und Politik
Inhaltsverzeichnis
- Zusammenfassung V
- Abstract IX
- List of figures and tables XV
- List of abbreviations XVII
- List of variables XIX
- 1. Research motivation and overview 1
- 2. The data 7
- 3. Methods of extracting business cycle characteristics 13
- 4. Identifying the business cycle 41
- 5. Analysing cyclical comovements
- 6. Dating the business cycle 61
- 7. Analysis of turning points 71
- 8. Results 79
- 9. Comparing results with earlier studies on the Austrian business cycle 125
- 9.1 Comparing the results with the study by Altissimo et al. (2001) 126
- 9.2 Comparing the results with the study by Monch -Uhlig (2004) 128
- 9.3 Comparing the results with the study by Cheung -Westermann (1999) 130
- 9.4 Comparing the results with the study by Brandner -Neusser (1992) 131
- 9.5 Comparing the results with the study by Forni - Hallin -Lippi -Reich/in (2000) 132
- 9.6 Comparing the results with the study by Breitung -Eickmeier (2005) 134
- 9.7 Comparing the results with the study by Artis - Marcellino - Proietti (2004) 134
- 9.8 Comparing the results with the study by Vijselaar -Albers (2001) 140
- 9.9 Comparing the results with the study by Artis - Zhang (1999) 142
- 9.10 Comparing the results with the study by Dickerson -Gibson -Tsakalotos (1998) 142
- 9.11 Comparing the results with the study by Artis - Krolzig - Toro (2004) 143
- 9.12 Comparing the results with the dating calendar of the CEPR 146
- 9.13 Comparing the results with the study by Breuss ( 1984) 151
- 9.14 Comparing the results with the study by Hahn - Walterskirchen ( 1992) 153
- 9.15 Comparison of the results of different dating procedures 154
- 9 .15.1 Turning point dates of the Austrian business cycle 155
- 9 .15.2 Turning point dates of the euro area business cycle 156
- 10. Concludlng remarks 161
- References 169
- Annex 177