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Identifying International Business Cycles in Disaggregate Data: Germany, France and Great Britain

Martin Uebele

No 1610, CQE Working Papers from Center for Quantitative Economics (CQE), University of Muenster

Abstract: This article analyzes international business cycles in Europe 1862-1913 using disaggregated data and Dynamic Factor Analysis. In comparison with estimates of real national product there is more evidence for international business cycles in disaggregated data of Germany, France and Great Britain before World War I. This is because data used to construct historical national accounts are often not sufficient to date business cycles, and especially because little is known about general price fluctuations. Thus, national products in current prices show higher degrees of international correlation than deflated ones although price indices themselves are not very well correlated across countries.

Keywords: International Business Cycles; Historical National Accounting; Disaggregate Data; Dynamic Factor Models (search for similar items in EconPapers)
JEL-codes: E31 E32 F15 N13 N73 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2010-11
New Economics Papers: this item is included in nep-bec, nep-his, nep-mac and nep-opm
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Persistent link: https://EconPapers.repec.org/RePEc:cqe:wpaper:1610

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