Victoria University

Recessions and Recoveries in New Zealand’s Post-Second World War Business Cycles

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Show simple item record Hall, Viv B. McDermott, C. John 2015-08-17T04:42:57Z 2015-08-17T04:42:57Z 2015 2015
dc.description.abstract We compute classical real GDP business cycles and growth cycles, contrast classical recessions with ‘technical’ recessions, and assess the sensitivity of our peaks and troughs to data revisions. Using this information we find that, on average, real GDP and employment cycles have had an 89% association. Other key findings are (i) New Zealand’s average pattern of recovery has differed from that for U.S. NBER cycles, but their most recent recession and recovery paths have been unusually similar; (ii) the strength of New Zealand's business cycle recoveries has been independent of the depth, duration, or severity of the preceding recession; and (iii) investment is an important component of expansions, and in the current cycle it has been residential investment and plant and equipment investment that have been unusually slow to recover their levels at prior business cycle peaks. en_NZ
dc.language.iso en_NZ
dc.relation.ispartofseries SEF Working paper ; 09/2015 en_NZ
dc.subject Classical business cycles en_NZ
dc.subject Growth cycles en_NZ
dc.subject Employment cycles en_NZ
dc.subject Recessions en_NZ
dc.subject Economic recoveries en_NZ
dc.title Recessions and Recoveries in New Zealand’s Post-Second World War Business Cycles en_NZ
dc.type Text en_NZ
vuwschema.contributor.unit School of Economics and Finance en_NZ
vuwschema.subject.marsden 140212 Macroeconomics (incl. Monetary and Fiscal Theory) en_NZ
vuwschema.type.vuw Working or Occasional Paper en_NZ
dc.rights.rightsholder en_NZ

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