Stability through cycles |
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Authors: | Bert de Groot [Author Vitae] [Author Vitae] |
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Affiliation: | Econometric Institute, Erasmus University Rotterdam, Rotterdam, The Netherlands |
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Abstract: | Economic variables like GDP growth, employment, interest rates and consumption show signs of cyclical behavior. Many variables display multiple cycles, with periods ranging in between 5 to even up to 100 years. We argue that multiple cycles can be associated with long-run stability of the economic system, provided that the cycle periods are such that interference is rare or absent. For a large sample of important variables, including key variables for the US, UK and the Netherlands, we document that this is indeed the case. |
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Keywords: | O11 |
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