Source: Authors' calculation
Figure 2 confirms the results we find for the UK. In the United States, all three financial series show the same behaviour as in the UK. As we can see from the figure 2, the grey area shows the statistically significant component cycles which correspond to 8 and 15 years for the residential property prices, credit to private non-financial sectors and credit share in the GDP. Outside the area between 0.016 and 0.032 frequencies (cycle/time unit) corresponding to 61 and 31 quarters or 15 and 8 years period, we did not isolate important deterministic cycles.