Identifying and characterizing the business cycle: the case of Morocco

This paper describes the key features of the Moroccan business cycles during the period 1980:q1-2012:q1. In particular, this paper identifies the chronologies in classical and growth cycles (expansion and contraction phases and full cycles in real gross domestic product). Using the modified BB algorithm, I have found eight business cycles and the ninth is not yet achieved. Then, I have would to analysis of the main features in these cycles by applying the method of Harding and Pagan (2001) which has shown that the Moroccan economy characterized by the average cumulative gain is more important than the cumulative loss and by the domination of expansion phases.