@article{Sella:162560,
      recid = {162560},
      author = {Sella, Lisa and Vivaldo, Gianna and Groth, Andreas and  Ghil, Michael},
      title = {Economic Cycles and Their Synchronization: A Survey of  Spectral Properties},
      address = {2013-12},
      number = {829-2016-55228},
      series = {ES},
      pages = {33},
      year = {2013},
      abstract = {The present work applies several advanced spectral methods  to the analysis of macroeconomic fluctuations in three  countries of the European Union: Italy, The Netherlands,  and the United Kingdom. We focus here in particular on  singular-spectrum analysis (SSA), which provides valuable  spatial and frequency information of multivariate data and  that goes far beyond a pure analysis in the time domain.  The spectral methods discussed here are well established in  the geosciences and life sciences, but not yet widespread  in quantitative economics. In particular, they enable one  to identify and describe nonlinear trends and dominant  cycles | including seasonal and interannual components that  characterize the deterministic behavior of each time  series. These tools have already proven their robustness in  the application on short and noisy data, and we demonstrate  their usefulness in the analysis of the macroeconomic  indicators of these three countries. We explore several  fundamental indicators of the countries' real aggregate  economy in a univariate, as well as a multivariate setting.  Starting with individual single-channel analysis, we are  able to identify similar spectral components among the  analyzed indicators. Next, we consider combinations of  indicators and countries, in order to take different  effects of comovements into account. Since business cycles  are cross-national phenomena, which show common  characteristics across countries, our aim is to uncover  hidden global behavior across the European economies.  Results are compared with previous findings on the U.S.  indicators (Groth et al., 2012). Finally, the analysis is  extended to include several indicators from the U.S.  economy, in order to examine its influence on the European  market.},
      url = {http://ageconsearch.umn.edu/record/162560},
      doi = {https://doi.org/10.22004/ag.econ.162560},
}