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EUROPEANCENTRALBANK
EUROSYSTEM
DiegoRodriguezPalenzuela,VeaceslavGrigoraș,LorenaSaiz, GrigorStoevsky,MátéTóth,ThomasWarmedinger
OccasionalPaperSeries
Theeuroareabusinesscycleanditsdrivers
NO354
Disclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.
ECBOccasionalPaperSeriesNo3541
Contents
Abstract2
Executivesummary3
1Businesscycledating4
1.1Theclassicalbusinesscycle5
Box1Datingtheeuroareabusinesscycleonamonthlybasis6
Box2IdentificationofturningpointsaccordingtotheMBBQalgorithm9
Box3GlobalbusinesscycledatingbasedontheMBBQalgorithm13
1.2Thedeviationcycleapproach19
2Businesscyclesynchronisation22
2.1Motivationandstylisedfacts22
2.2Synchronisationintheeuroarea24
Box4Businesscyclesthroughthelensofanoptimumcurrencyarea
indexfortheeuroarea28
2.3Synchronisationacrosstheeuroareacountries33
2.4Agranularviewofbusinesscyclesynchronisation38
3Businesscycledrivers45
3.1Growthaccountinginthedeviationcycleapproach45
3.2Financialdriversoftheeuroareabusinesscycle47
3.3Internationalmedium-termbusinesscycles49
3.4Cyclicaldriversofconsumption:theroleofdurablegoods50
3.5Short-termimpactofCOVID-19containment51
4Conclusions54
5Annexes57
5.1Annex1.Businesscyclestatistics57
5.2Annex2.Businesscyclesynchronisation60
References63
ECBOccasionalPaperSeriesNo3542
Abstract
Themonitoringandanalysisofthebusinesscycleisacentralelementofinputsto
monetarypolicydecision-making.Thisreportcontributestotheanalysisofbusinesscyclesintheeuroareainthreedimensions.First,intermsofbusinesscycledating,itproposesautomatedprocedurestocharacterisethebusinesscyclesituationofthe
euroareaanditsmaincomponents,acrosscountriesandsectors.Second,it
investigateshowbusinesscyclesynchronisationhasevolvedoverthelast20years.Third,itanalysesbusinesscycledriversfromseveralperspectives,includingthe
financialandinternationaldimension,interconnectedness,demandandsupply.ItalsofeaturesanearlyanalysisoftheeconomicimplicationsoftheCOVID-19
pandemic.Ratherthanreachingstrongconclusionsonthehistoryoftheeuroareabusinesscycle,theprimaryaimofthereportistopromotesoundmethodsand
approachesthatarepartofongoingenhancementsoftheanalyticalinfrastructure
designedtoanalysehard-to-ascertainquestionsonthenatureandcharacteristicsofeuroareabusinesscycledynamics.
JELcodes:C10,E32,E37
Keywords:businesscycledating,characteristics,synchronisation,drivers
ECBOccasionalPaperSeriesNo3543
Executivesummary
Themonitoringandanalysisofthebusinesscycle–fluctuationsinaggregate
economicactivitybetweenalternatingexpansionsandcontractions–isacentral
elementinmonetarypolicyanalysis.Asoundreal-timeassessmentofthebusinesscycleiskeyingaugingthegrowthoutlookandthusalsomedium-termprice
developments.Linkingobservedeconomicactivitytothebusinesscycleassessmentiskeytotheoverallnarrativeandcommunicationofmonetarypolicydecisions.A
centralbankthereforeneedstousestate-of-the-artbusinesscycledatingand
analysismethods.Thisisevenmoreimportantinalargeandcomplexmonetary
union,wherearea-widedevelopmentsinteractinacomplexmannerwithheterogenousgrowthdynamicsatsub-arealevel.
Thisreportcontributestotheanalysisofbusinesscyclesintheeuroareainthree
maindimensions.First,intermsofbusinesscyclemeasurementanddating,it
proposeseasilyreplicablestate-ofthe-artprocedurestocharacterisethebusinesscyclesituationoftheeuroareaanditsmainunderlyingcomponents,acrossboth
countriesandsectors.Second,itprovidesacomprehensiveanalysisofbusiness
cyclesynchronicity,evaluatingitsevolutionintheeuroareabothinternally(acrosstheeuroareacountriesandsectors)andexternally(relativetootheradvanced
economies).Ahighdegreeofcongruenceorsimilarityoftheeuroareabusiness
cyclewiththatofitsMemberStates,togetherwithahighdegreeofsynchronisationamongtheparticipatingcountries,makesthesinglemonetarypolicymorecoherentandeffective,andenhancestheappropriatenessofitsstanceacrossallMember
States.Third,thereportexploressomecausalityaspectsintermsofthemain
businesscycledriversintheeuroarea.Thisanalysisismoreconceptualinnatureandaddressesseveralresearchquestions,notablytheroleoffinancialfactorsandstructuralshocktransmissionwithintheeuroarea.
Somecaveatsshouldbementioned.Businesscycledriversarenottheonlycauseofmacroeconomicfluctuations.Shocks,policyimpacts(suchaschangesintaxation)
andexternalfactorsgeneratemacroeconomicvolatility:thesemayinteractwith,butarenotagenuinepartof,thebusinesscycle.Similarly,structuralchangesarean
importantsourceofmacroeconomicfluctuationsthatalsoaffectbusinesscycle
dynamics.Thelattermaybeassociatedwithpersistentfactors,ofteninthefieldofinformation-relatedmarketimperfections,orthelong-termimpactofstructural
shocks,forexampletototalfactorproductivity.However,disentanglinggenuine
businesscyclesignalsfromshort-termvolatilityorthemorepermanentimpactof
structuralchangeisadauntingtask.Thisisevenmorechallengingfortheeuroarea,whichhasadatahistoryofjust25years.
Againstthisbackground,ratherthanreachingstrongconclusionsonthebusinesscycleoftheeuroarea,theaimofthereportistopromotesoundmethodsand
analyticalapproachesthatarepartofongoingeffortstoenhancetheanalytical
infrastructureandimproveourunderstandingofimportant,buthard-to-ascertain,questionsonthenatureandcharacteristicsofeuroareabusinesscycledynamics.
ECBOccasionalPaperSeriesNo3544
1Businesscycledating
Themonitoringandanalysisofthebusinesscycle–fluctuationsofaggregateeconomicactivitybetweenalternatingexpansionandcontractionperiods–isofparamountimportanceforpolicymakingandthegeneralpublic.The
businesscycleisakeyconceptintheorganisationofmacroeconomicinformation,
frombothahistoricandaconjuncturalperspective.Foracentralbank,the
understanding(particularlyinrealtime)ofthenatureof,andfactorsunderlying,ongoingeconomicgrowthformsthebasisofasoundunderstandingofprice
pressures(orlackthereof)andthusofinflationdynamics,andultimatelythe
appropriatemonetarypolicystance.Acentralbankthereforeneedstousestate-of-the-artbusinesscycledatingandanalysis.Thisisevenmoreimportantinalarge
andcomplexmonetaryunion,whereanarea-widebusinesscycleinteractsinacomplexmannerwithheterogenousbutpersistentgrowthdynamicsatsub-arealevel.
Againstthisbackdrop,establishingachronologyofthebusinesscycleshouldnotbeamechanicalendeavour.Inpractice,itisdonebydedicatedcommitteesofexperteconomists.Fortheeuroarea,achronologyisprovidedbytheCentreof
EconomicPolicyResearch(CEPR)BusinessCycleDatingCommittee,whereasfor
theUnitedStates,itisthetaskoftheNationalBureauofEconomicResearch
(NBER)BusinessCycleDatingCommittee.Forsomecountries,datingassessmentsareprovidedbyindependentinstitutions,suchastheEconomicCycleResearch
Institute(ECRI)assessmentforthefourlargesteuroareaeconomies.However,
thereisnochronology,unifiedandcomparableacrosscountries,availableforallEUMemberStates.Foralargemonetaryunion,suchastheeuroarea,theabsenceofacommonagreedstandardthatcanbeappliedinrealtimetodatebusinesscyclesisproblematicfromapolicyperspective.Itimpedesthemonitoringofthebusiness
cyclesituationofthemonetaryunioncomponents(atcountry,regionalandsectoral
levels)relativetothatoftheareaasawhole.Withoutanagreedcommonstandard,therefore,itbecomesdifficulttoassessthesynchronicityandcoherenceofbusinesscyclefluctuationsamongthecountriesandsectorsthatmakeupthemonetaryunion.
Toaddresstheseneeds,thischapterproposesprocedurestodatethe
businesscyclefluctuationsofanygivenentity(beitamonetaryunionasa
wholeoritsconstituentcomponents),basedontransparentanduser-friendlytoolsalignedwithcutting-edgemethodsinthisarea.Specifically,thischapter
provideshighlyautomated,replicableandupdatabletoolsthatdeliver
methodologicallycomparablefindingsacrosscountries.Theseresultscomplementthechronologiesprovidedbyofficialbusinesscycledatingcommitteesandother
institutions,withtheadvantageofbeingharmonisedacrosscountries,easily
updatableandthusreadilyavailable.Thedevelopedtoolsprovideabusinesscyclechronologyutilisingbothclassicalandgrowthcycledatingapproachesfortheeuroareaanditsmembercountries,basedonharmonisedtimeseriesandparameters.
ECBOccasionalPaperSeriesNo3545
1.1Theclassicalbusinesscycle
Inthissectionwefollowtheclassicalapproachtoidentifyingbusinesscycleturningpoints,asproposedbyBurnsandMitchell(1946).Thisisalsothe
approachusuallyimplementedbytheBusinessCycleDatingCommitteesofthe
NBERandtheCEPRwhendatingpeaksandtroughsintheUnitedStatesandtheeuroarea,respectively.Inthisapproach,twophasesofthebusinesscycleare
identified:i)arecession(orcontraction)phaseisaperiodbetweenapeakanda
trough,characterisedbyadeclineineconomicactivity(e.g.realgrossdomestic
product(GDP)),typicallyforatleasttwoconsecutivequarters;andii)anexpansionistheperiodbetweenatroughandapeak,i.e.thenon-recessionphaseofthe
economy,whichisitsnormal(prevailingmostofthetime)state
(Chart1)
.
Chart1
Classicalbusinesscyclephases
(level)
Source:Authors’illustration.
Thereareseveraladvantagestotheclassicaldatingapproach.First,thedatingresultsarestableanddonotchangeretrospectivelywiththeaccrualofnew
observations,unlessthehistoricaldataarerevised.Second,classicalbusinesscycledatingdoesnotrequiretheinitialeconometricestimationandextractionofan
unobservedcomponentfromthetimeseries,whichisarequirementforthemain
alternative,thegrowthcycleapproach.Forthelatter,thefilteringoftheunderlying
long-termtrendisusuallyachallengingexercise,especiallywithshortdatasamples–suchasintheeuroarea–anditisthereforesubjecttoreal-timereliabilityissues.Third,apartfrombroadlyacceptableassumptionsdefiningthegeneral
characteristicsofthebusinesscycle(suchastheminimumlengthofaphaseor
lengthofacompletecycle),theclassicalapproachismodel-independent,hence
moretransparentandlesscontroversial.Fourth,thisapproachgeneratesasimple
narrativeoffluctuationsineconomicactivity,whichisgenerallywellunderstoodby
businesssectorobserversandthegeneralpublic.Thesefourreasonsarewhythisisthemainapproachimplementedbytheofficialdatingcommittees.
ECBOccasionalPaperSeriesNo3546
Theterm“classicalexpansion”referstoexpansioninclassicalbusinesscycledating.Thisdefinitiondiffersfromthecorrespondingdefinitioninthegrowthcycleapproach.WeuseunivariateandmultivariateBry-Boschan(BB)1algorithmsbasedonquarterlylogsofrealGDPoritscomponentstodeterminecyclicalpeaks
andtroughs.FollowingBryandBoschan(1971)andHardingandPagan(2002),we
alsosubscribetotheirconclusionthatturningpointdeterminationcannotbe
regardedasobjective,i.e.itcannotbeunequivocallyagreedupon,butthatthereshouldbeagreementontheproceduresusedtoestablishturningpoints.
SimilartotheCEPRdatingcommittee,themainunivariateprocedurereliesonrealquarterlyGDPdatafortheeuroareaortheindividualEUMemberStates.
Thequarterlyfrequencyprovidesasoundbalancebetweenthereliabilityofthe
economicsignalsandthetimelinessoftheinformation(formonthlydating,see
Box
1)
.RealGDPiswidelyacceptedasthemainsingleindicatorofmacroeconomic
activity.
However,asGDPdataareoftenrevisedaftertheirrelease–andthusmayprovideinconclusivesignalsinrealtime–themultivariateanalysis
incorporatesadditionalmacroeconomicvariables.SomeoftheseareavailableearlierormorefrequentlythantheGDPdata,andmanyofthemshowhigher
cyclicalitythanGDP,helpingtoconfirmthephaseofthecycle.
Theclassicaldatingtoolspresentedinthischapterincorporateoptionsfor
datacleaningandimplementingexpertjudgement.Theseadjustmentsare
intendedtobeusedinexceptionalcircumstancesandareprovidedtoensure
consistentresults,alsoforepisodesforwhichthealgorithmisdeemedtohavemis-specifiedthephase.Themethodspresentedheretodateclassicalbusinesscyclesmakeuseofrawseriesthatdonotrequireinitialde-trending,filteringorsmoothing(apartfromusingseasonallyandworkingdayadjusteddata).Thus,theyprovide
timely,reliableresults,whichremainstableintermsoflimitedexpostre-datingof
businesscycles,i.e.datedbusinesscyclesarenotre-assessedorrevisedaslongasdatarevisionsdonottakeplace.
Box1
Datingtheeuroareabusinesscycleonamonthlybasis
PreparedbyJohannesGareis
Thisboxpresentsdatingforbusinesscycleturningpointsintheeuroareaintermsofmonths,asanadditiontothemainapproachinthispaper,whichisquarterly.Tothisend,atwo-stepapproachisused,asinMönchandUhlig(2005).First,amonthlytimeseriesforeuroarearealGDPis
estimated,usinginterpolationtechniquesthatexploitinformationcontainedinmonthlyeconomic
indicators.Second,anupdatedversionoftheaugmentedBryandBoschan(1971)algorithm
proposedbyMönchandUhlig(2005)isapplied.Importantly,thisalgorithmallowsforasymmetries
inthebusinesscycleandtranslatesthequarterlysequenceofbusinesscycleturningpointsidentifiedbytheCEPRdatingcommitteeintoamonthlychronology.
1WeusetheModifiedBry-BoschanQuarterly(MBBQ)algorithm,whichistheadaptionbyJamesEngelforcyclelengthrestrictionsbasedonthequarterlyadaptionoftheoriginalBryandBoschanalgorithm.
ECBOccasionalPaperSeriesNo3547
ChartAshowsthepeaksandtroughsintheestimatedmonthlyrealGDPseriesobtainedby
applyingtheaugmentedBBalgorithmaswellastherecessionsdatedbytheCEPR.2AstheCEPR
usuallydatesbusinesscycleturningpointsintermsofquartersratherthanmonths,wehave
assignedtheCEPRdatestothemiddlemonthofeachquarter.Theonlyexceptiontothisisthepre-pandemicbusinesscyclepeak,whichlagstheidentifiedquarterlypeak,accordingtotheCEPR.Ascanbeseen,theresultsoftheaugmentedBBalgorithmareverysimilartothoseoftheCEPR.In
linewiththeCEPR’schronology,thealgorithmidentifiessixcontractionsinthepost-1970period:
fromAugust1974toMarch1975,fromFebruary1980toSeptember1982,fromMarch1992toMay1993,fromMarch2008toMarch2009,fromMay2011toFebruary2013andfromNovember2019toApril2020.Inmostcases,themonthlypeaksandtroughsfallwithinthepeakortroughquarters
datedbytheCEPR.Forthosecasesthatdonotmatch,themaximumdeviationbetweentheturningpointsdeterminedbytheaugmentedBBalgorithmandthoseidentifiedbytheCEPRisfourmonths,withnoclearlead-lagpattern.
ChartA
TurningpointsineuroareamonthlyrealGDP
Source:Eurostat,AWMdatabase,CEPRandowncalculations.
Notes:CEPRrecessionsareindicatedbytheshadedareas.SincetheCEPRusuallydatesbusinesscycleturningpointsintermsofquartersratherthan
months,theCEPRdatesareassignedtothemiddlemonthofeachquarter.Theonlyexceptiontothisisthemostrecentbusinesscyclepeak,whichlagstheidentifiedquarterlypeak.
Regardingthepandemicrecession,thealgorithmsuggeststhattheeuroareareachedabusinesscyclepeakinOctober2019,whiletheCEPRdeterminedthattheeuroareaeconomyreacheda
peakinFebruary2020.3Infact,euroareaquarterlyrealGDPstagnatedinthelastquarterof2019,withindustrialproductionandtotalexportsfallingsignificantlyshortoftheirOctoberlevelsatthe
endoftheyear.Inthefirsttwomonthsof2020(i.e.aheadoftheCOVID-19shock),thelossesdid
notseemtohavebeenrecovered,accordingtothemonthlyGDPestimates.InFebruary2020–themonthbeforeeconomicactivitystartedtocontractsharplyinresponsetothecontainmentofthe
spreadofthecoronavirusintheeuroarea–onlyretailsaleswereatahigherlevelthaninOctober2019.AccordingtotheestimatedmonthlyrealGDPseries,economicactivityintheeuroareaagaindecreasedsharplyinApril2020,butgrewstronglyinMayandJuneandincreasedfurtherinthe
2QuarterlyrealGDPisbrokendownintomonthlyobservationsbyusingavariantoftheChowandLin
(1971)linearregressionmodel.Themonthlyindicatorsareindustrialproduction,deflatedretailsales
andgoodsexports.Thedatasampleis1970Q1-2022Q3.ThedataforquarterlyrealGDPandthe
monthlyindicatorsaretakenfromEurostatandarebackdatedwiththearea-widemodel(AWM)andtheOECDMainEconomicIndicatorsdatabases.IntheextendedBry-Boschanalgorithm,thethresholdforthedurationofexpansionsissetat14quarters(42months)andtheamplitudethresholdissetat1.7%.
3On29September2020,theBusinessCycleDatingCommitteeoftheCEPRdeterminedthatapeakinquarterlyeconomicactivityhadoccurredin2019Q4.WhiletheCommitteedoesnotprovideamonthlydating,italsostressedthattheeuroareahadprobablyreachedapeakinmonthlyeconomicactivityinFebruary2020,whichlagsthequarterlypeak.TheCommitteebasedthisdecisiononthetimingofthepandemicandthesharpdeclineinindustrialproductionandotherindicatorsinMarch2020.
ECBOccasionalPaperSeriesNo3548
summermonths,i.e.abusinesscycletroughoccurredinApril2020.WhilerealGDPintheeuro
areawassignificantlyaffectedbythefurtherwavesofthepandemicandtheassociatedrestrictionsinthewinterof2020-21,nofurtherrecessionoccurred,accordingtothemodel,whichisconsistentwiththeCEPR’sassessment.
1.1.1Univariateresults
BusinesscycledatingoftheEUcountries
GDPiswidelyacknowledgedtobethesinglemostimportantindicatorof
aggregateeconomicactivity.OnthebasisoftheloglevelofrealGDPandby
implementingthemodifiedBBapproach(see
Box2)
,weestablishabusinesscycledatingchronologyfortheeuroareaandEUcountries.
TheunderlyingdataforallcountriesistheEuropeanSystemofAccounts-2010(ESA-2010)withGDPatconstantmarketprices.TheEurostatnationalaccountsdatabaseprovidesharmonisedseriesfortheeuroareaandtheEUMemberStatessince1995,althoughforafewcountries–Finland,France,GermanyandtheUnitedKingdom–theEurostatdataareavailableforalongerperiod,whereasforothers,
notablyMalta,thesampleisshorter.TheadvantageofusingtherealGDPdatafromEurostatisthatthesetimeseriesareharmonisedacrosscountries,whilea
disadvantageistherelativelyshortsampleperiod(1995-2022)formostcountries.
Thealgorithmhighlightsthreemajorepisodesofsynchronisedrecessions
beingrelativelywidespreadacrosstheEUcountries.
Chart2
summarisesthechronologyafterapplyingtheunivariatemodifiedBBquarterly(MBBQ)algorithm
(see
Box2)
,showingexpansionsandcontractionsfortheeuroareaandtheEUMemberStates.TheidentifiedsynchronisedrecessionsaretheGlobalFinancial
Crisis(GFC),thesovereigndebtcrisisandthecontractiontriggeredbytheCOVID-19pandemic.Forthefirsttwoepisodes,CroatiaandGreeceshowonelong-lastingrecessionaryperiod,encompassingbothsub-periods.
Lookingattheeuroareabusinesscycleanditsphasessince1995,several
turningpointsareidentified
(Chart2)
.Whiletherewassomeweaknessin2003,possiblyadelayedresponsetotheburstingofthedot-combubbleandthe
subsequentrecessionin2001intheUnitedStates,thisdidnotleadtoaGDP
contractionforlongerthanaquarterintheeuroarea.Similarly,theCEPRidentifiesthefirsttwoquartersof2003asaslowgrowthperiod.TheGFChadawidespread
negativeeffectacrosstheEUcountriesfromthesecondquarterof2008onwards.
Betweenthepeakinthefirstquarterof2008andthetroughinthesecondquarterof2009,theeuroareaeconomyshrankby5.7%.Thesubsequentrecoverywas
relativelyshort-lived,lastingforonlyninequarters,comparedwithanaverageof29quartersforalleuroareaexpansions.Theeuroarearecessiontriggeredbythe
sovereigndebtcrisisstartedinthefourthquarterof2011andlasteduntilthefirst
quarterof2013,entailingasubstantialdeclineinconsumption,alongwiththedropinGDP,reflectingdeterioratingconfidenceandincreaseduncertainty.TheGDPdecline
ECBOccasionalPaperSeriesNo3549
wasstrongestinseveralsouthernEuropeancountries.Duringtherecoverythat
followed,growthratesweresimilartopre-GFCaverages.However,twoyearsof
uninterruptedgrowthcouldnotmakeupfortheaccumulatedlossescausedbythe
double-diprecession.Therewasnoreturntothepre-crisislevelofactivityuntilearly2015.During2019,theeuroareabusinesscyclewasinamaturephase,with
economicactivitydeceleratinginanumberofcountries.Sincethefirstquarterof
2020,andinparticularsinceMarch2020,theCOVID-19pandemicledtopolicy-
inducedwidespreadlockdownsandothercontainmentmeasuresthatentailedan
unprecedentedbroad-basedfallineconomicactivityacrosstheeuroarea.RealGDPdeclinedby3.7%inthefirstquarterof2020andbyacumulative15.1%inthefirst
halfof2020.
Chart2
BusinesscycledatingbasedontheunivariateMBBQ
Source:Eurostatandauthors’calculations.
Note:Contractions/recessionsaredepictedinred,whileexpansionsareinblue.ThedatingofCyprus,Denmark,Finland,Germany,Romania,andSlovakiaissubjecttoexpertjudgementforspecificperiods.Latestobservation:2022Q3.
Box2
IdentificationofturningpointsaccordingtotheMBBQalgorithm
PreparedbyVeaceslavGrigoraș
TheMBBQalgorithmisaparametricapproachthatidentifiesthelocalpeaksandtroughsofthecycleofanygiventimeseries,byapplyingseveralsteps.First,itidentifieslocalmaximaand
minimaascandidatesforeconomicpeaksandtroughs.Second,itperformschecksontheidentifiedlocalcandidatestoensurethatthepointsmeetthecriteriaforturningpointsofthephasesofthe
economiccycleanddropsthosethatdonotmeetthesecriteria.Thesechecksconcernthe
ECBOccasionalPaperSeriesNo35410
minimumlengthoftheeconomicphase(L),theminimumlengthofthebusinesscycle(C)andtheproperalternationofpeaksandtroughs.Inaddition,athresholdparameter(U)overridesthephasedurationcriterionifthechangeintheseriesislargerthanthisthresholdlevel.Imposingthese
criteriaensuresthatthephasesofthebusinesscycleareproperlyidentified.
ChartA
VisualisationofparametersintheMBBQalgorithm
Source:Authors’illustration.
TheMBBQalgorithmstepsinanutshell:
I.Identifylocalmaximaandminimaascandidatesforeconomicpeaksandtroughs:
1.Localmaximum(P)atdatet:ifys<ytforallswitht-K<s<tandt+K>s>t.
2.Localminimum(T)atdatet:ifys>ytforallswitht-K<s<tandt+K>s>t.
II.Censortheidentifiedturningpoints(i.e.keeponlythosethatsatisfycert
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