Does Austria respond to the German or the US business cycle?
研究了奥地利经济是否主要受德国商业周期影响，发现德美冲击仅解释奥地利工业产出变动的很小部分，三国存在非同步的共同周期。
This study assesses the claim that the Austrian economy depends mainly on the German business cycle. Controlling for possible influences from the US economy, it is confirmed that the Austrian and German industrial production indexes have a common long-term stochastic trend and German industrial production Granger-causes the Austrian industrial production in the short run. However, German and US shocks only account for a small proportion of Austrian industrial production variability. Further, it is found that the three countries share a non-synchronized common business cycle. Copyright © 2000 John Wiley & Sons, Ltd.