Power laws and macroeconomic fluctuations

Edoardo Gaffeo, Mauro Gallegati, Gianfranco Giulioni () and Antonio Palestrini ()

Physica A: Statistical Mechanics and its Applications, 2003, vol. 324, issue 1, 408-416

Abstract: We study the duration distribution of recessions and recoveries occurred in a pool of industrialized countries during the last 120 years. We find that for recessions the duration is distributed according to a power law, and that the power exponent is virtually invariant as we split up the time span into sub-periods. The evidence regarding the duration of recoveries is mixed, however.

Keywords: Econophysics (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:324:y:2003:i:1:p:408-416

DOI: 10.1016/S0378-4371(02)01891-5

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