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Similarities and convergence in G-7 cycles

Fabio Canova, Matteo Ciccarelli and Eva Ortega

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller role. We detect differences across business cycle phases but, apart from an increase in synchronicity in the late 1990s, find little evidence of major structural changes. We also find no evidence of the existence of an Euro area specific cycle or of its emergence in the 1990s.

Keywords: Business cycle; G7; indicators; Panel Data; Bayesian methods (search for similar items in EconPapers)
JEL-codes: C11 E32 (search for similar items in EconPapers)
Date: 2003-02, Revised 2004-08
New Economics Papers: this item is included in nep-ecm and nep-mac
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Citations: View citations in EconPapers (20)

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Related works:
Journal Article: Similarities and convergence in G-7 cycles (2007) Downloads
Working Paper: Similarities and convergence in G-7 cycles (2004) Downloads
Working Paper: Similarities and Convergence in G7 Cycles (2004) Downloads
Working Paper: Similarities and convergence in G-7 cycles (2004) Downloads
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