Macroeconomic Synchronization Between G3 Countries

Amado Peiró

German Economic Review, 2002, vol. 3, issue 2, 137-153

Abstract: This paper studies the existence of a world business cycle by examining quarterly and annual comovements in production, prices and interest rates in the three main world economies: Germany, Japan and the US. In accordance with earlier studies, contemporaneous relationships clearly dominate short‐term dynamics. The evidence indicates the existence of strong comovements in prices and long‐term interest rates, and, to a lesser degree, in GDP and short‐term interest rates. They are, however, rather unstable over time.

Date: 2002
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German Economic Review is currently edited by Bernhard Felderer, Joseph F. Francois, Ivo Welch, Urs Schweizer and David E. Wildasin

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