Business Cycle Indexes: Does a Heap of Data Help?
Business cycle indexes are used to get a timely and frequent description of the state of the economy and its likely development in the near future. This paper discusses two methods for constructing business cycle indexes, the traditional NBER method and a recently developed dynamic factor model, and...
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| Other Authors: | , |
| Format: | Electronic Article |
| Language: | English |
| Published: |
Paris
OECD Publishing
2005
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| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | Business cycle indexes are used to get a timely and frequent description of the state of the economy and its likely development in the near future. This paper discusses two methods for constructing business cycle indexes, the traditional NBER method and a recently developed dynamic factor model, and compares these methods for the euro area. The results suggest that a reliable index can be constructed from a limited number of series that are selected using economic logic. We next decompose this index to identify variables that seem to be driving the euro area cycle.Business cycle indexes are used to get a timely and frequent description of the state of the economy and its likely development in the near future. This paper discusses two methods for constructing business cycle indexes, the traditional NBER method and a recently developed dynamic factor model, and compares these methods for the euro area. The results suggest that a reliable index can be constructed from a limited number of series that are selected using economic logic. We next decompose this index to identify variables that seem to be driving the euro area cycle. This analysis reveals important differences across countries in these driving variables. |
| Physical Description: | 1 Online-Ressource (62 Seiten) |
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| spelling | Inklaar, Robert VerfasserIn aut Business Cycle Indexes Does a Heap of Data Help? Robert, Inklaar, Jan, Jacobs and Ward, Romp Paris OECD Publishing 2005 1 Online-Ressource (62 Seiten) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Business cycle indexes are used to get a timely and frequent description of the state of the economy and its likely development in the near future. This paper discusses two methods for constructing business cycle indexes, the traditional NBER method and a recently developed dynamic factor model, and compares these methods for the euro area. The results suggest that a reliable index can be constructed from a limited number of series that are selected using economic logic. We next decompose this index to identify variables that seem to be driving the euro area cycle.Business cycle indexes are used to get a timely and frequent description of the state of the economy and its likely development in the near future. This paper discusses two methods for constructing business cycle indexes, the traditional NBER method and a recently developed dynamic factor model, and compares these methods for the euro area. The results suggest that a reliable index can be constructed from a limited number of series that are selected using economic logic. We next decompose this index to identify variables that seem to be driving the euro area cycle. This analysis reveals important differences across countries in these driving variables. Economics Jacobs, Jan MitwirkendeR ctb Romp, Ward MitwirkendeR ctb Enthalten in Journal of Business Cycle Measurement and Analysis Vol. 2004, no. 3, p. 309-336 volume:2004 year:2004 number:3 pages:309-336 |
| spellingShingle | Inklaar, Robert Business Cycle Indexes Does a Heap of Data Help? Economics |
| title | Business Cycle Indexes Does a Heap of Data Help? |
| title_auth | Business Cycle Indexes Does a Heap of Data Help? |
| title_exact_search | Business Cycle Indexes Does a Heap of Data Help? |
| title_full | Business Cycle Indexes Does a Heap of Data Help? Robert, Inklaar, Jan, Jacobs and Ward, Romp |
| title_fullStr | Business Cycle Indexes Does a Heap of Data Help? Robert, Inklaar, Jan, Jacobs and Ward, Romp |
| title_full_unstemmed | Business Cycle Indexes Does a Heap of Data Help? Robert, Inklaar, Jan, Jacobs and Ward, Romp |
| title_short | Business Cycle Indexes |
| title_sort | business cycle indexes does a heap of data help |
| title_sub | Does a Heap of Data Help? |
| topic | Economics |
| topic_facet | Economics |
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