Nonparametric Band Business Cycle Clock
We discuss representation of uncertainty in the business cycle clock. We propose approach utilising description of the unconditional mean of the process, applied for modelling dynamics of macroeco-nomic time series, as a trend component and almost period function in a non-parametric setting. We capture the dynamics over the business cycle, trend component and seasonal fluctuations and possible interactions between these features. A particular values of the almost periodic function are key for representation of the business cycle in a clock, expressing the dynamics according to phase diagram. The set of frequencies interpreted as a properties of the business fluctuations are invariant with respect to filtration methods applied in the procedure.