Table 2.
Expansion and contraction of the business cycle: 1997/Q2–2008/Q1.
| Series | Expansion or contraction | Periods | Cycle |
|---|---|---|---|
| 1 | Expansion | 1997/Q2 | 1 |
| 2 | Contraction | 1997/Q3–1998/Q4 | 0 |
| 3 | Expansion | 1999/Q1–1999/Q2 | 1 |
| 4 | Contraction | 1999/Q3–2001/Q1 | 0 |
| 5 | Expansion | 2001/Q2–2002/Q2 | 1 |
| 6 | Contraction | 2002/Q3–2003/Q1 | 0 |
| 7 | Expansion | 2003/Q2–2004/Q1 | 1 |
| 8 | Contraction | 2004/Q2–2005/Q2 | 0 |
| 9 | Expansion | 2005/Q3–2005/Q4 | 1 |
| 10 | Contraction | 2006/Q1–2007/Q1 | 0 |
| 11 | Expansion | 2007/Q2–2007/Q3 | 1 |
| 12 | Contraction | 2007/Q4–2008/Q1 | 0 |
Note: Cycle is the business cycle dummy variable and takes the value of 1 during the expansion periods and 0 otherwise.