Table 4. Counterfactual exercise Freq....

Table 4.

Counterfactual exercise

	Freq. of recessions	Total mean growth	Mean growth expansions	Mean growth recessions
Real data
Argentina	0.37	1.31	5.19	−5.24
Australia	0.27	1.45	3.31	−3.29
Canada	0.25	1.86	4.07	−4.38
With other durations (total period)
Australia	0.31	1.91	5.20	−5.23
Canada	0.27	2.32	5.19	−5.26
With other durations (post-Second World War period)
Australia	0.23	2.64	5.06	−5.40
Canada	0.27	2.33	5.08	−5.30
With other cycle mean growth
Australia	0.40	0.69	3.32	−3.28
Canada	0.40	0.71	4.07	−4.37

	Freq. ofrecessions	Total meangrowth	Mean growthexpansions	Mean growthrecessions
Real data
Argentina	0.37	1.31	5.19	−5.24
Australia	0.27	1.45	3.31	−3.29
Canada	0.25	1.86	4.07	−4.38
With other durations (total period)
Australia	0.31	1.91	5.20	−5.23
Canada	0.27	2.32	5.19	−5.26
With other durations (post-Second World War period)
Australia	0.23	2.64	5.06	−5.40
Canada	0.27	2.33	5.08	−5.30
With other cycle mean growth
Australia	0.40	0.69	3.32	−3.28
Canada	0.40	0.71	4.07	−4.37