Business Cycles around the Globe: A Regime Switching Approach

Sumru Altug and Melike Bildirici

Koç University-TUSIAD Economic Research Forum Working Papers from Koc University-TUSIAD Economic Research Forum

Abstract: This paper characterizes business cycle phenomena in a sample of 22 developed and developing economies using a univariate Markov regime switching approach. It examines the efficacy of this approach for detecting business cycle turning points and for identifying distinct economic regimes for each country in question. The paper also provides a comparison of the business cycle turning points implied by this study and those derived in other studies and by other methods. Our findings document the importance of heterogeneity of individual countries’ experiences. We also argue that consideration of a large and diverse group of countries provides an alternative perspective on the co-movement of aggregate economic activity worldwide.

Keywords: Markov switching approach; business cycles; turning point analysis; nonparametric modelling (search for similar items in EconPapers)
JEL-codes: C32 E32 E37 (search for similar items in EconPapers)
Pages: 65 pages
Date: 2010-03
New Economics Papers: this item is included in nep-bec, nep-cba and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (13)

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Related works:
Working Paper: Business Cycles around the Globe: A Regime-switching Approach (2010)
Working Paper: Business Cycles around the Globe: A Regime Switching Approach (2010)
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