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Business cycles in open economies: Stylized facts for Austria and Germany

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Zusammenfassung

Konjunkturzyklen in offenen Volkswirtschaften. Stilisierte Fakten für Österreich und Deutschland. - Die Verfasser versuchen, den österreichischen und den deutschen Konjunkturzyklus mit Hilfe des von Hodrick und Prescott vorgeschlagenen Filters zu charakterisieren. Bei Anwendung dieser Filtertechnik ergibt sich eine Reihe stilisierter Fakten, die mit der Theorie des realen Konjunkturzyklus vereinbar sind. Die Hauptergebnisse sind, daß die Variabilität des BSP (BIP) in Deutschland höher ist als in Österreich, daß die Geldpolitik in Deutschland wichtiger ist, daß Reallöhne und Arbeitsstunden (Beschäftigung) in Deutschland positiv korreliert, in Österreich aber azyklisch sind und daß Sparen und Investitionen positiv korreliert sind.

Résumé

Les fluctuations conjoncturelles aux économies ouvertes. Des faits stylisés pour l’Autriche et l’Allemagne. - Dans cette étude, les auteurs essaient de caractériser les fluctuations conjoncturelles de l’Autriche et de l’Allemagne en utilisant le filtre proposé par Hodrick et Prescott. L’application de cette technique produit une liste des faits stylisés qui se rapportent à la littérature des fluctuations conjoncturelles réelles. Les résultats principaux montrent que la variabilité du produit national brut est plus haute en Allemagne qu’en Autriche: que la politique monétaire est plus importante en Allemagne; que les salaires réels et les heures de travail (emploi) sont en corrélation positive en Allemagne mais acycliques en Autriche; et que l’épargne et l'investissement sont en corrélation positive.

Resumen

El ciclo coyunturalen laseconomias abiertas: hechosestilizados para Austria y Alemania. - En este trabajo se intenta caracterizar el ciclo coyuntural austriaco y alemán utilizando el filtro propuesto por Hodrick y Prescott. La aplicación de esta técnica de filtro produce una lista de hechos estilizados que son relacionados con la literatura sobre el ciclo real. Los resultados más importantes son que la variabilidad del PBN (PBI) es más alta en Alemania que en Austria, que la política monetaria es màs importante en Alemania, que los salarios reaies y las horas (empleo) están correlacionadas positivamente en Alemania pero acíclicalmente en Austria, y que el ahorro y la inversión están correlacionados positivamente.

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Authors
  1. Peter Brandner
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  2. Klaus Neusser
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Brandner, P., Neusser, K. Business cycles in open economies: Stylized facts for Austria and Germany. Weltwirtschaftliches Archiv 128, 67–87 (1992). https://doi.org/10.1007/BF02707246

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