Business Cycles in International Historical Perspective

Susanto Basu and Alan Taylor

No 7090, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper examines business cycles theoretically and empirically, with a quantitative study based on experience over the long run and in a cross section of countries. Several major questions in business cycle theory are explored. Theoretical concerns indicate that the properties of business cycle models depend not only on important structural aspects of the model such as money neutrality, labor market structure, and price adjustment, but also on the closure of the model in international markets. Econometric considerations suggest that more information about the country-specific versus universal features of cycles could be gleaned from the study of panel data. A review of business cycle properties in a sample of over a dozen countries is considered in light of these issues.

JEL-codes: E32 F41 (search for similar items in EconPapers)
Date: 1999-04
New Economics Papers: this item is included in nep-his and nep-ifn
Note: DAE EFG ME IFM
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Citations: View citations in EconPapers (115)

Published as Journal of Economic Perspectives, Vol. 13, no. 2 (Spring 1999): 45-68.

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Journal Article: Business Cycles in International Historical Perspective (1999)
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