Table 4 Correlation and volatility for HP-filtered wedges and observed output
From: The relevance of domestic and foreign factors in driving Ghana’s business cycle
\(Aw_t(s^{t})\) | \(Xw_t(s^{t})\) | \(Lw_t(s^{t})\) | \(Gw_t(s^{t})\) | Output | (\(\sigma _{W}\)) | |
|---|---|---|---|---|---|---|
\(Aw_t(s^{t})\) | 1 | 0.0154 | ||||
\(Xw_t(s^{t})\) | \(-\,\)0.0792 | 1 | 0.0043 | |||
\(Lw_t(s^{t})\) | 0.1847 | 0.4716 | 1 | 0.2085 | ||
\(Gw_t(s^{t})\) | 0.7019 | \(-\,\)0.3902 | \(-\,\)0.1394 | 1 | 0.0586 | |
Output | 0.8862 | 0.1502 | 0.3755 | 0.6361 | 1 | 0.0397 |