Source: Authors' calculation
Figure 1 shows spectrum for the three financial series - HPI = Residential property prices selected, CRS = Credit to Private non-financial sector from all sectors at Market value - Percentage of GDP, CRT = Credit to Private non-financial sector from all sectors at Market value - US dollar in the UK. The shaded area shows deterministic cycles between 0.016 and 0.032 frequencies (cycle/time unit) corresponding to 61 and 31 quarters or 15 and 8 years period.