?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=http%3A%2F%2Feprints.imtlucca.it%2F2366%2F&rft.title=Economic+cycles+and+their+synchronization%3A+a+survey+of+spectral+properties&rft.creator=Sella%2C+Lisa&rft.creator=Vivaldo%2C+Gianna&rft.creator=Groth%2C+Andreas&rft.creator=Ghil%2C+Michael&rft.subject=HB+Economic+Theory&rft.description=The+present+work+applies+several+advanced+spectral+methods+to+the+analysis+of+macroeconomic+fluctuations+in+three+countries+of+the+European+Union%3A+Italy%2C+The+Netherlands%2C+and+the+United+Kingdom.+We+focus+here+in+particular+on+singular-spectrum+analysis+(SSA)%2C+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%2C+but+not+yet+widespread+in+quantitative+economics.+In+particular%2C+they+enable+one+to+identify+and+describe+nonlinear+trends+and+dominant+cycles+%7C+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%2C+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%2C+as+well+as+a+multivariate+setting.+Starting+with+individual+single-channel+analysis%2C+we+are+able+to+identify+similar+spectral+components+among+the+analyzed+indicators.+Next%2C+we+consider+combinations+of+indicators+and+countries%2C+in+order+to+take+different+effects+of+comovements+into+account.+Since+business+cycles+are+cross-national+phenomena%2C+which+show+common+characteristics+across+countries%2C+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.%2C+2012).+Finally%2C+the+analysis+is+extended+to+include+several+indicators+from+the+U.S.+economy%2C+in+order+to+examine+its+influence+on+the+European+market.&rft.publisher=FEEM+Note+di+Lavoro+Series&rft.date=2013&rft.type=Working+Paper&rft.type=NonPeerReviewed&rft.identifier=++Sella%2C+Lisa+and+Vivaldo%2C+Gianna+and+Groth%2C+Andreas+and+Ghil%2C+Michael++Economic+cycles+and+their+synchronization%3A+a+survey+of+spectral+properties.++Working+Paper++%23105%2F2013++++FEEM+Note+di+Lavoro+Series++++ISSN+2037-1209.++++++&rft.relation=http%3A%2F%2Fwww.feem.it%2Fgetpage.aspx%3Fid%3D6017%26sez%3DPublications%26padre%3D73