Manuscript received 20.9.09; final version received 10.1.12.
BUSINESS CYCLE PHASES AND COHERENCE—A SPECTRAL ANALYSIS OF UK SECTORAL OUTPUT*
Version of Record online: 28 MAY 2012
© 2012 The Author. The Manchester School © 2012 John Wiley & Sons Ltd and The University of Manchester
The Manchester School
Volume 81, Issue 6, pages 1012–1026, December 2013
How to Cite
WANG, P. (2013), BUSINESS CYCLE PHASES AND COHERENCE—A SPECTRAL ANALYSIS OF UK SECTORAL OUTPUT. The Manchester School, 81: 1012–1026. doi: 10.1111/j.1467-9957.2012.02304.x
- Issue online: 8 OCT 2013
- Version of Record online: 28 MAY 2012
In this paper we study business cycle coherence and phases among UK GDP sectors in the frequency domain. We investigate interactive fluctuations in sectoral output in terms of coherence and phase, focusing on their similarities–dissimilarities and synchronous–asynchronous relations in business cycles. It is further found that longer cycles are dominant cycles, and coherence is the highest in longer cycles and the lowest in medium cycles.