“…However, it has found application in areas where variables cycle such as business cycle analysis (Jagric, 2002, Englund, Persson & Svenson, 1992, Baxter, 1991and Diebold & Ruderbusch, 1990, commodity cycles (Rausser & Cargill, 1975, Weiss, 1975and Slade, 1982 and housing cycles (Clembout & Nefti, 1981, Wilson & Okunev, 1998. It has also proven particularly useful in examining relationships between variables that cycle (Grace & Hotchkiss, 1995, Pakko, 1994, Orlov, 2006and Rua & Nunes, 2005.…”