Antonakakis, Nikolaos (2012): Business cycle synchronization during US recessions since the beginning of the 1870's.
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This paper examines the synchronization of business cycles across the G7 countries during US recessions since the 1870's. Using a dynamic measure of business cycle synchronization, results depend on the globalisation period under consideration. On average, US recessions have significantly positive effects on business cycle co-movements only in the period following the breakdown of the Bretton Woods system of fixed exchange rates, while strongly decoupling effects among the G7 economies are documented during recessions that occurred under the classical Gold Standard. During the 2007-2009 recession, business cycles co-movements increased to unprecedented levels.
|Item Type:||MPRA Paper|
|Original Title:||Business cycle synchronization during US recessions since the beginning of the 1870's|
|Keywords:||Dynamic conditional correlation; Business cycle synchronization; Recession; Globalisation|
|Subjects:||F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance
E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations; Cycles
N - Economic History > N1 - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations > N10 - General, International, or Comparative
F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F41 - Open Economy Macroeconomics
E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles
|Depositing User:||Nikolaos Antonakakis|
|Date Deposited:||25. Apr 2012 00:00|
|Last Modified:||12. Feb 2013 06:09|
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