Hodrick-Prescott filter has been the favourite empirical technique among researchers studying cycles. Software facilities and the optimality criterion, from which the filter can be derived, can explain its wide use. However, different shortcomings and drawbacks have been pointed out in the...

The Central Banks use diffusion indexes (DIs) to synthesize information from proprietary surveys that complement official statistics generating real time proxies of the economically relevant variables. According to the evidence, the DIs closely follow the economic cycle reflected in those...

The Central Banks use diffusion indexes (DIs) to synthesize information from proprietary surveys that complement official statistics generating real-time proxies of the economically relevant variables. According to the evidence, the DIs closely follow the economic cycle reflected in those...