Similarities and convergence in G-7 cycles

Fabio Canova (), Matteo Ciccarelli and Eva Ortega ()
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Fabio Canova: Universitat Pompeu Fabra
Eva Ortega: Banco de España

No 404, Banco de España Working Papers from Banco de España

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 di erences 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.

Date: 2004-02
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http://www.bde.es/webbde/SES/Secciones/Publicacion ... o/04/Fic/dt0404e.pdf First version, February 2004 (application/pdf)

Related works:
Working Paper: Similarities and convergence in G-7 cycles (2004)
Working Paper: Similarities and Convergence in G-7 Cycles (2004)
Working Paper: Similarities and Convergence in G7 Cycles (2004)
Journal Article: Similarities and convergence in G-7 cycles (2007)
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Persistent link: http://EconPapers.repec.org/RePEc:bde:wpaper:0404

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