Separating trend from cycle is central to the study of long-run growth and the business cycle. The goal is to measure the permanent and transitory components of output to identify its long-run and business cycle fluctuations. In 1981, Beveridge and Nelson developed A New Approach to Permanent and Transitory Components with Particular Attention to Measurement of the “Business Cycle,” an econometric model that decomposes a time series into its permanent and transitory components. Much business cycle analysis of the last twenty-five years would not be possible without their decomposition.
The conference features fourteen presentations of academic papers; each presentation is followed by a discussant’s comments and an open-floor discussion of the paper and related issues. The program includes dinner speaker Charles R. Nelson of the University of Washington. The conference will be held in the Atlanta Fed’s conference center and is by invitation only.
This conference was organized by Timothy Cogley (Department of Economics, University of California, Davis), Steven N. Durlauf (Department of Economics, University of Wisconsin, Madison), and James M. Nason (Federal Reserve Bank of Atlanta). It was inspired by the career and research of Charles R. Nelson.