Are International Business Cycles Independent?

Bodman, Philip M. and Crosby, Mark (2002) Are International Business Cycles Independent?. Discussion Paper No. 315, School of Economics, The University of Queensland.

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Author Bodman, Philip M.
Crosby, Mark
Title Are International Business Cycles Independent?
School, Department or Centre School of Economics
Institution The University of Queensland
Report Number Discussion Paper No. 315
Publication date 2002-08-01
Subject 340203 Finance Economics
Abstract/Summary 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.
Keyword business cycles
G7
recessions

Document type: Department Technical Report
Collection: Discussion Papers (School of Economics)
 
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