Information cascades and the distribution of economic recessions in capitalist economies

Paul Ormerod ()

Physica A: Statistical Mechanics and its Applications, 2004, vol. 341, issue C, 556-568

Abstract: We consider in this paper the distribution of the cumulative size of recessions in 17 capitalist countries over the period 1871–1994, using data on annual percentage changes in real GDP. A recession is defined as a year in which GDP growth is negative, and the cumulative change is the change from peak to trough during a recession period. We examine both the whole sample and different partitions of the data.

Keywords: Information cascades; Economic recessions; Agent-based model (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:341:y:2004:i:c:p:556-568

DOI: 10.1016/j.physa.2004.04.109

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