{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,5]],"date-time":"2026-10-05T17:35:10Z","timestamp":1791221710271,"version":"4.1.0"},"reference-count":22,"publisher":"Wiley","issue":"3","license":[{"start":{"date-parts":[[2006,11,7]],"date-time":"2006-11-07T00:00:00Z","timestamp":1162857600000},"content-version":"vor","delay-in-days":4877,"URL":"http:\/\/onlinelibrary.wiley.com\/termsAndConditions#vor"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["J of Applied Econometrics"],"published-print":{"date-parts":[[1993,7]]},"abstract":"<jats:title>Abstract<\/jats:title>\n                  <jats:p>The stylized facts of macroeconomic time series can be presented by fitting structural time series models. Within this framework, we analyse the consequences of the widely used detrending technique popularised by Hodrick and Prescott (1980). It is shown that mechanical detrending based on the Hodrick\u2013Prescott filter can lead investigators to report spurious cyclical behaviour, and this point is illustrated with empirical examples. Structural time\u2010series models also allow investigators to deal explicitly with seasonal and irregular movements that may distort estimated cyclical components. Finally, the structural framework provides a basis for exposing the limitations of ARIMA methodology and models based on a deterministic trend with a single break.<\/jats:p>","DOI":"10.1002\/jae.3950080302","type":"journal-article","created":{"date-parts":[[2007,7,12]],"date-time":"2007-07-12T12:53:15Z","timestamp":1184244795000},"page":"231-247","source":"Crossref","is-referenced-by-count":673,"title":["Detrending, stylized facts and the business cycle"],"prefix":"10.1002","volume":"8","author":[{"given":"A. C.","family":"Harvey","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"A.","family":"Jaeger","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2006,11,7]]},"reference":[{"key":"e_1_2_1_2_1","unstructured":"Backus D. K. andP. J.Kehoe(1989) \u2018International evidence on the historical properties of business cycles\u2019 Working Paper 402R Federal Reserve Bank of Minneapolis."},{"key":"e_1_2_1_3_1","doi-asserted-by":"publisher","DOI":"10.1086\/261614"},{"key":"e_1_2_1_4_1","volume-title":"Lectures in Macroeconomics","author":"Blanchard O. 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