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Furthermore, there are three basic outlier patterns: (1) outliers seem to be associated with business cycles, (2) outliers are clustered together\u2014both over time and across series, (3) there appears to be a dichotomy between outlier behaviour of real versus nominal series. Also, after controlling for outliers, much of the evidence of non\u2010linearity in many of the time series is eliminated.<\/jats:p>","DOI":"10.1002\/jae.3950090205","type":"journal-article","created":{"date-parts":[[2007,7,12]],"date-time":"2007-07-12T17:20:01Z","timestamp":1184260801000},"page":"181-200","source":"Crossref","is-referenced-by-count":130,"title":["Large shocks, small shocks, and economic fluctuations: Outliers in macroeconomic time series"],"prefix":"10.1002","volume":"9","author":[{"given":"Nathan S.","family":"Balke","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Thomas B.","family":"Fomby","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","doi-asserted-by":"publisher","DOI":"10.2307\/1391308"},{"key":"e_1_2_1_3_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(91)90025-J"},{"key":"e_1_2_1_4_1","volume-title":"Lectures on Macroeconomics","author":"Blanchard O. 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