Business cycle volatility and inventories behavior:new evidence for the Euro Area

Tatiana Cesaroni, Louis John Maccini () and Marco Malgarini ()

No 108, ISAE Working Papers from ISAE - Institute for Studies and Economic Analyses - (Rome, ITALY)

Abstract: In recent years a number of studies have investigated stylised facts concerning the most important US macroeconomic time series(Stock and Watson, 2002; McConnell and Perez-Quiros, 2000; Blanchard and Simon, 2001; Arias, Hansen, and Ohanian, 2006); One of the main results of the analysis concerns a marked volatility reduction emerging from the data since the early eighties. In this respect, the aim of this paper is twofold. Firstly, it analyzes the Euro Area business cycle stylised facts in order to gain better understanding of the European economy as compared with that of the US. Secondly, it explores the technological innovation hypothesis as an explanation of the ‘Great Moderation’, focusing on the advances in inventory management techniques due to computerisation.

Keywords: Business cycle stylized facts; European survey data; Inventory behaviour. (search for similar items in EconPapers)
JEL-codes: C32 E32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-cba, nep-eec and nep-mac
Date: 2009-01
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Persistent link: http://EconPapers.repec.org/RePEc:isa:wpaper:108

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