The H-P Filter produces some different results for individual economies and it is perfectly consistent with the CEPR view of the current cycle.
From 1998 on they have identified recessions for the Euro Area as a whole. Our goal is to look at the business cycles in the major European economies. We will also look at the historical cycles in these countries, comparing them to the current cycle, depending on data availability. For that reason we have used a Hodrick-Prescott filter to identify the cycles in each of these countries.
See our Note on alternative filtering methods and their application in sharp downturns.
The Table below shows the business cycles we have identified for our initial analysis.
This post-recession recovery is commensurate with that of the US recovery, considering it began later, after the double-dip European recession that followed the global financial crisis.
See Methodology Does CEPR use a different approach to NBER?During a recession, a significant decline in economic activity spreads across the economy and can last from a few months to more than a year.