The duration of recessions follows an exponential not a power law
Physica A: Statistical Mechanics and its Applications, 2005, vol. 345, issue 3, 608-610
Ormerod and Mounfield (Physica A 293 (2001) 573) analyse GDP data of 17 leading capitalist economies from 1870 to 1994 and conclude that the frequency of the duration of recessions is consistent with a power law. But in fact the data is consistent with an exponential (Boltzmann–Gibbs) law.
Keywords: Econophysics; Power laws; Exponential laws (search for similar items in EconPapers)
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Working Paper: The duration of recessions follows an exponential not a power law (2011)
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