Page - 104 - in The Austrian Business Cycle in the European Context

104 Figure 12: Common component and BK-filtered NACE J+K of Germany 1-1978 3-1978 1-1981 3-1983 1-1988 3-1988 1-1991 3-1993 1-1998 3-1998 1-2001 3-2003 Source: Own calculations. 8.3 Doting the business cycle 8.3. 1 Dating the business cycle in the ad-hoc selection framework Figures A 1 a to A 1 c show the filtered series according all three methods with turning points indicated by small triangles. These turning points have been identified by applying the Bry-Boschan routine to all series of the three data sets. As explained in chapter 6.2., a sequence of different smoothing filters is applied, each time checking for changes in local maxima and minima. Here a Spencer curve - which is a symmetrical 2 x 7 moving average term with special weights - had been applied first, after running a pro- cedure for detecting outliers (values deviating more than 3.5 standard deviations from the mean).