This study is try to do the empirical tests on the relationship among innovation cycle, investment cycle, and business cycle suggested in recent economic growth models. We apply co-spectra analysis to estimate dynamic correlations in the extraction HP filtered variables and first difference filtered variables in our data set. Our empirical results are; (i) an existing asynchronization between innovation cycle and investment cycle, (ii) in the long frequency, an existing positive correlation between innovation cycle and business cycle, (iii) in the short frequency, however, a finding the high negative correlation between the two cycle. Our empirical findings support the recent growth through cycle models and suggest some economic policy implementations for economic stabilization during a severe business cycle.