Business Cycles in International Historical Perspective

Susanto Basu and Alan Taylor

Journal of Economic Perspectives, 1999, vol. 13, issue 2, 45-68

Abstract: This paper examines business cycles theoretically and empirically, with a quantitative study based on data for a cross section of countries. Theoretical concerns indicate that the properties of business cycle models depend not only on important structural aspects of the model, such as money neutrality, labor market structure, and price adjustment, but also on the closure of the model in international markets. Econometric considerations suggest that panel data can provide more information about the country-specific versus universal features of cycles. The authors review business cycle properties in a sample of over a dozen counties in light of these issues.

JEL-codes: E32 F43 N10 (search for similar items in EconPapers)
Date: 1999
Note: DOI: 10.1257/jep.13.2.45
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Citations: View citations in EconPapers (118)

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Working Paper: Business Cycles in International Historical Perspective (1999)
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