Page - 88 - in The Austrian Business Cycle in the European Context

88 ters104, with the red line again representing Austria. A strong co- movement of both cycles can again be observed, and the ampli- tudes seem to have the same relative size. Once more, extra cy- cles can be observed only at the beginning of the time series. Later on, some synchronisation seems to have taken place. Since the middle of the 1990s, both cycles show a highly synchronised pattern, and the amplitudes seem to have quite the same relative size. This can probably be linked to the accession of Austria to the EU. Figure 8: BK filtered euro area GDP and Austrian GVAex autGVAex: BKLX Transforll'lld Series eurGCPex: BKLX Transformad Series o,011..,====a11,======i===F=::::::::;::== ==::;:===i===i====i 0,01 ,J, 0,009-' - ----·- ,_ i-'l_.- +-------11---+---+---c, !---+---1---+----+--l 0.008......__-. -1--_, ,....,__.__----<>----+----+n""·--,,-1------+----flll---+---l 0,001_._-&-__,___,,=i, I --! ~:~~ - - - - __ :~---+----+----t---H-~:,-_~_~I ===:===~===:~'\~==:==~ 0•004-'1---11-1--hi-_ , r i 'tv ,1----1----1----1,-i-.,,- --+----1 0,003 I ,,--,_ I\ } '-!---1"1--!l-1'--i l----l---~-+-I! _ __._----< 0,002 , t -,; -t---- I I /,,___ 17 - \ , ,_,_ ~~ o,oo~. c.:;... _,.___: _L,_ 1 \ I\ . \ ! . -0.001 ; . 1· # t " I ' l~~. J f -0,002' ~ ~ I, __ __J =--~ r1-. I\', ,;- :c. I _____ µ ~ - . l ~ \ "' \ , -- . II I t !f , !1 -0,003~ -~. . \ '~ j -n· r 1-~:-~ 1 -0,004 ,,-+-____,.\.~l lf----+---,1-----1 -0,005 y U lip✓ f ,•::.. -l---''1~;1.1.-------1---1----1 -o.oos--·-. If -0,007-l;;;=;;i;;;;=;;;;;j;;;=;;;;;;j;;=;;;;;;l==;l;;;;;;;=-l--;.;;_;;;;;j;;;=~=;;;;;;!==;l;;;;;;;;;;;j 1-1976 3-1978 2-1981 1-1984 4-1986 3-1989 2-1992 1-1995 4-1997 3-2000 2-2003 Source: own calculations. 10• In the literature, it is most common to set the lower boundary for business cycle frequencies either at eight or six quarters. Here, six quarters have been chosen to take account of the observation that cycles in recent times seem to be rather short.