Variable is leading, lagging, coincident, or indeterminate in its timing relative to the business cycle:
- Real GDP: CA coincident variable
- Consumer spending: GA lagging variable
- Investment: LA leading variable
- Unemployment: I Timing relative to the business cycle is indeterminate
- Inflation: CA coincident variable
- Stock Prices: GA lagging variable
- Interest rates on Treasury bills: LA leading variable
- Credit spreads (the spread between interest rates on corporate bonds and government bonds): I Timing relative to the business cycle is indeterminate.