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Resumen:
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Every procedure used to characterize business cycles by filtering macroeconomic series have some arbitrary elements and, therefore, they should, at least, satisfied the weak criterion of replicating the peaks and throughs of business cycles from a historical perspective. In order to characterize Spanish business cycles from 1970 to 1994 we propose a trend-cycle model characterization based on a particular class of unobserved component models, that fulfils the aboye mentioned criterion (wich other procedure, like Hodrick-Prescott filter, do not). We carry out sensitivity analysis with respect to the arbitrary element of our procedure, in order to check for the robustness of our results.
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