Definition: Cross-correlation of business cycles
OECD - Business tendency surveys
A measure of how closely aligned the timing of movements in activity are for two countries over their business cycles. The cross-correlation statistic can range from -1 to +1. In general, the closer the cross-correlation is to the value of +1 the more in phase and synchronised the business cycles will be. A value of -1 would indicate that the two series move perfectly in a countercyclical direction. A value near zero indicates that there is no statistical relationship between the series.
Organization for Economic Cooperation and Development (OECD), "Business Tendency Surveys - A Handbook", OECD, Paris, 2003