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BUSINESS CYCLE PHASES AND COHERENCE—A SPECTRAL ANALYSIS OF UK SECTORAL OUTPUT

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  • Manuscript received 20.9.09; final version received 10.1.12.

Abstract

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.

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