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

dc.contributor.authorHall, Viv B.
dc.contributor.authorMcDermott, C. John
dc.date.accessioned2015-08-17T04:42:57Z
dc.date.accessioned2022-07-07T02:31:11Z
dc.date.available2015-08-17T04:42:57Z
dc.date.available2022-07-07T02:31:11Z
dc.date.copyright2015
dc.date.issued2015
dc.description.abstractWe 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.formatpdfen_NZ
dc.identifier.urihttps://ir.wgtn.ac.nz/handle/123456789/19334
dc.language.isoen_NZ
dc.publisherTe Herenga Waka—Victoria University of Wellingtonen_NZ
dc.relation.ispartofseriesSEF Working paper ; 09/2015en_NZ
dc.rights.rightsholderhttp://www.victoria.ac.nz/sef/research/sef-working-papersen_NZ
dc.subjectClassical business cyclesen_NZ
dc.subjectGrowth cyclesen_NZ
dc.subjectEmployment cyclesen_NZ
dc.subjectRecessionsen_NZ
dc.subjectEconomic recoveriesen_NZ
dc.titleRecessions and Recoveries in New Zealand’s Post-Second World War Business Cyclesen_NZ
dc.typeTexten_NZ
vuwschema.contributor.unitSchool of Economics and Financeen_NZ
vuwschema.subject.anzsrcfor149999 Economics not elsewhere classifieden_NZ
vuwschema.subject.anzsrcforV2389999 Other economics not elsewhere classifieden_NZ
vuwschema.subject.marsden140212 Macroeconomics (incl. Monetary and Fiscal Theory)en_NZ
vuwschema.type.vuwWorking or Occasional Paperen_NZ

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