Cyclical Patterns in Austria, Western Germany and the United States

Business cycles in the U. S., Western Germany and Austria are highly interrelated. As a rule, the primary impact is originating in the U. S. and then transmitted to Western Germany with one ore more quarters' time lag. After at least another three months the repercussions from the German cycle are felt in Austria. The amplitude of business cycles is smaller in Austria than in the U. S. or in Western Germany.