Table 2. Characteristics of business...

Table 2.

Characteristics of business cycle

	Prob. recession	Mean growth	Duration (years)	Amplitude (%)	Cumulation (%)	Excess (%)
Argentina
1870–1945	0.39	1.31
Recession		−5.66	1.38	−7.81	−7.47	−0.71
Expansion		5.93	2.33	13.83	24.69	2.40
1946–2015	0.34
Recession		−4.76	1.71	−8.25	−10.11	0.85
Expansion		4.44	3.07	12.76	30.91	2.92
1870–2015	0.37
Recession		−5.29	1.51	−8.00	−8.53	0.09
Expansion		5.19	2.63	13.40	27.18	2.61
Australia
1870–1945	0.39	1.45
Recession		−4.12	1.72	−7.13	−10.36	1.08
Expansion		4.41	2.50	11.03	22.33	0.32
1946–2015	0.14
Recession		−1.02	1.29	−1.09	−0.89	0.04
Expansion		2.48	7.50	18.41	120.37	14.65
1870–2015	0.27
Recession		−3.29	1.60	−5.44	−7.70	0.79
Expansion		3.31	4.04	13.30	52.50	4.73
Canada
1870–1945	0.32	1.86
Recession		−5.85	1.79	−10.23	−17.85	1.79
Expansion		5.57	3.64	20.29	68.80	3.61
1946–2015	0.19
Recession		−1.85	2.00	−4.09	−4.90	0.23
Expansion		2.72	8.14	21.95	167.34	4.01
1870–2015	0.19
Recession		−4.38	1.85	−8.39	−13.97	1.32
Expansion		4.08	5.14	20.85	101.65	3.74

	Prob. recession	Mean growth	Duration (years)	Amplitude (%)	Cumulation (%)	Excess (%)
Argentina
1870–1945	0.39	1.31
Recession		−5.66	1.38	−7.81	−7.47	−0.71
Expansion		5.93	2.33	13.83	24.69	2.40
1946–2015	0.34
Recession		−4.76	1.71	−8.25	−10.11	0.85
Expansion		4.44	3.07	12.76	30.91	2.92
1870–2015	0.37
Recession		−5.29	1.51	−8.00	−8.53	0.09
Expansion		5.19	2.63	13.40	27.18	2.61
Australia
1870–1945	0.39	1.45
Recession		−4.12	1.72	−7.13	−10.36	1.08
Expansion		4.41	2.50	11.03	22.33	0.32
1946–2015	0.14
Recession		−1.02	1.29	−1.09	−0.89	0.04
Expansion		2.48	7.50	18.41	120.37	14.65
1870–2015	0.27
Recession		−3.29	1.60	−5.44	−7.70	0.79
Expansion		3.31	4.04	13.30	52.50	4.73
Canada
1870–1945	0.32	1.86
Recession		−5.85	1.79	−10.23	−17.85	1.79
Expansion		5.57	3.64	20.29	68.80	3.61
1946–2015	0.19
Recession		−1.85	2.00	−4.09	−4.90	0.23
Expansion		2.72	8.14	21.95	167.34	4.01
1870–2015	0.19
Recession		−4.38	1.85	−8.39	−13.97	1.32
Expansion		4.08	5.14	20.85	101.65	3.74