RBA Annual Conference – 2005 Business Cycle Dynamics in OECD Countries: Evidence, Causes and Policy Implications

Table 6: The Concordance of Growth Cycles Across Selected OECD Countries
1970–2004
	Australia	Belgium	Canada	Germany	Spain	France	UK	Italy	Japan	Netherlands	Sweden	US	Euro area
Australia	1	0.53	0.65^**	0.54	0.46	0.55	0.51	0.65^**	0.57	0.54	0.61^*	0.61^**	0.57
Belgium		1	0.68^***	0.71^***	0.71^***	0.75^***	0.59^*	0.82^***	0.63^**	0.73^***	0.75^***	0.65^**	0.80^***
Canada			1	0.69^***	0.58	0.66^***	0.64^**	0.64^**	0.62^**	0.65^**	0.69^***	0.80^***	0.66^***
Germany				1	0.56	0.69^***	0.71^***	0.74^***	0.75^***	0.74^***	0.69^***	0.61^**	0.85^***
Spain					1	0.66^***	0.54	0.59^*	0.53	0.69^***	0.61^*	0.64^**	0.63^**
France						1	0.67^***	0.73^***	0.59	0.65^**	0.70^***	0.67^***	0.74^***
UK							1	0.59^*	0.58^*	0.52	0.64^**	0.61^**	0.61^**
Italy								1	0.66^**	0.72^***	0.70^***	0.57	0.88^***
Japan									1	0.66^**	0.58	0.61^**	0.67^**
Netherlands										1	0.66^***	0.58	0.76^***
Sweden											1	0.64^**	0.69^***
US												1	0.59^*
Euro area													1
Notes: *, and * denote concordance statistic significance at the 1, 5 and 10 per cent levels, respectively. Gap based on trend GDP as calculated with BP filter (6,32), K=12. Sources: OECD Economic Outlook No 77 database; authors' calculations