NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Changes in the Cyclical Behavior of Individual Production Series

Christina D. Romer

NBER Working Paper No. 2440
Issued in November 1987
NBER Program(s):   EFG

This paper uses simple time series techniques to analyze changes in the short-run behavior of 38 physical production series for 1889-1984. The main finding is that fluctuations in these output series in the periods 1889-1914 and 1947-1984 are very similar, while those in the period 1922- 1939 are anomalous. Relative to the prewar era, the postwar era exhibits only a slight damping of fluctuations and no increase in the persistence of short-run movements. At the same time, the correlation between the growth rates of the 38 goods is very low in both the prewar and postwar eras and has declined slightly over time.

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Document Object Identifier (DOI): 10.3386/w2440

Published: Quarterly Journal of Economics. Vol 106, Feb. 1991, pp1-31

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