Similarities and Convergence in G7 Cycles

Fabio Canova, Matteo Ciccarelli and Eva Ortega

No 4534, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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 a euro area specific cycle or of its emergence in the 1990s.

Keywords: Bayesian methods; business cycle; G7; indicators; panel data (search for similar items in EconPapers)
JEL-codes: C11 E32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ecm and nep-mac
Date: 2004-09
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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 G-7 Cycles (2004)
Journal Article: Similarities and convergence in G-7 cycles (2007)
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