We propose a non-standard subsampling procedure in or der to make formal statistical inference about the business cycle, one of the most important unobserved feature char acterising fluctuations of economic growth. We show that some characteristics of business cycle can be modelled in a non-parametric way by discreet spectrum of the Almost Periodically Correlated (APC) time series. On the basis of estimated characteristics of this spectrum it is possible to extract business cycle by filtering. On the basis of our results we characterise the man properties of business cycles in industrial production index for Polish economy.

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