In this paper, we examine the relationships between business cycles in the G7 countries. We focus on whether recessionary periods in one country are independent of the timing of
recessions in other countries in the G7, using three different methods for dating recessions. We find that the evidence is mixed on whether phases of the business cycle in North America and in
European countries are independent, or whether there is a common phase structure in the business cycle across all the G7 economies. NBER dates suggest that business cycles are synchronised, while
other methods for generating business cycle chronologies are consistent with regional, rather than international, cycles.