Similarities and Convergence in G-7 Cycles
47 Pages Posted: 18 May 2004
There are 2 versions of this paper
Similarities and Convergence in G-7 Cycles
Date Written: February 2004
Abstract
This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller role. We detect differences across business cycle phases but, apart from an increase in synchronicity in the late 1990s, find little evidence of major structural changes. We also find no evidence of the existence of an Euro area specific cycle or of its emergence in the 1990s.
Keywords: Business cycle, indicators, Panel Data, Bayesian methods
JEL Classification: C11, C33, E32
Suggested Citation: Suggested Citation
Do you have negative results from your research you’d like to share?
Recommended Papers
-
Shocking Aspects of European Monetary Unification
By Tamim Bayoumi and Barry Eichengreen
-
International Business Cycles: World, Region, and Country-Specific Factors
By M. Ayhan Kose, Chris Otrok, ...
-
Understanding Changes in International Business Cycle Dynamics
By James H. Stock and Mark W. Watson
-
Trade, Finance, Specialization and Synchronization
By Jean M. Imbs
-
Trade, Finance, Specialization and Synchronization
By Jean M. Imbs
-
Trade, Finance, Specialization, and Synchronization
By Jean M. Imbs
-
Risk Sharing and Industrial Specialization: Regional and International Evidence
By Bent E. Sørensen, Sebnem Kalemli-ozcan, ...
-
Sectoral and National Aggregate Disturbances to Industrial Output in Seven European Countries