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Wavelet: a new tool for business cycle analysis
One basic problem in business-cycle studies is how to deal with nonstationary time series. The market economy is an evolutionary system. Economic time series therefore contain stochastic components that are necessarily time dependent. Traditional methods of business cycle analysis, such as the correlation analysis and the spectral analysis, cannot capture such historical information because they do not take the time-varying characteristics of the business cycles into consideration. In this paper, we introduce and apply a new technique to the studies of the business cycle: the wavelet-based ...