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Permanent and Transitory Components of GNP and Stock Prices

✍ Scribed by John H. Cochrane

Book ID
124320593
Publisher
MIT Press
Year
1994
Tongue
English
Weight
468 KB
Volume
109
Category
Article
ISSN
0033-5533

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## Abstract Any non‐stationary series can be decomposed into permanent (or β€˜trend’) and transitory (or β€˜cycle’) components. Typically some atheoretic pre‐filtering procedure is applied to extract the permanent component. This paper argues that analysis of the fundamental underlying stationary econo