90◦ month

105◦ 75◦ 2000-01

◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2000-02
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2000-03
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2000-04
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2000-05
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2000-06
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2000-07
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2000-08
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2000-09
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2000-10
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2000-11
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2000-12
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-01
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-02
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-03
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-04
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-05
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-06
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-07
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-08
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-09
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-10
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-11
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2001-12
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-01
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-02
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-03
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-04
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-05
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-06
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-07
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-08
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-09
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-10
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-11
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2002-12
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-01
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-02
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-03
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-04
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-05
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-06
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-07
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-08
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-09
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-10
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-11
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2003-12
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-01
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-02
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-03
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-04
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-05
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-06
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-07
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-08
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-09
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-10
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-11
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2004-12
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-01
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-02
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-03
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-04
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-05
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-06
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-07
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-08
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-09
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-10
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-11
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2005-12
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-01
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-02
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-03
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-04
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-05
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-06
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-07
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-08
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-09
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-10
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-11
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2006-12
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-01
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-02
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-03
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-04
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-05
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-06
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-07
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-08
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-09
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-10
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-11
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2007-12
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-01
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-02
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-03
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-04
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-05
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-06
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-07
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-08
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-09
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-10
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-11
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2008-12
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-01
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-02
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-03
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-04
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-05
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-06
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-07
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-08
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-09
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-10
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-11
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2009-12
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2010-01
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2010-02
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2010-03
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2010-04
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2010-05
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2010-06
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2010-07
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2010-08
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu

 90◦ month
105◦ 75◦ 2010-09
◦ ◦
120 60

135◦ 45◦

positive output gap

150◦ 30◦

165◦ 15◦

shrinking output gap widening output gap

180◦ 0◦
negative output gap

195◦ 345◦

210◦ 330◦

225◦ 315◦

240◦ 300◦

255◦ 285◦
270◦
hold <page down>

Business cycle synchronization (G7 countries 2000-2010) - Zahid Samancioglu