Business Cycles for G7 and European Countries

JOURNAL OF BUSINESS, Vol. 70, No. 2, April 1997

Posted: 24 Mar 1997

See all articles by Michael J. Artis

Michael J. Artis

University of Manchester - Institute for Political & Economic Governance (IPEG)

Zenon G. Kontolemis

European Union - European Commission

Denise R. Osborn

University of Manchester - School of Social Sciences; University of Tasmania

Abstract

This article proposes classical business cycle turning points for the G7 and a number of European countries based on industrial production. This enables us to examine the international nature of cyclical movements free from arbitrary assumptions about the trend. In particular, we show that cyclical asymmetry is common, with slopes during declines being generally larger in magnitude than during expansions. A binary measure of association for expansion and contraction regimes indicates a core group of European countries related to each other and apparently linked to the U.S. and Japan through Germany.

JEL Classification: E32

Suggested Citation

Artis, Michael J. and Kontolemis, Zenon G. and Osborn, Denise R., Business Cycles for G7 and European Countries. JOURNAL OF BUSINESS, Vol. 70, No. 2, April 1997, Available at SSRN: https://ssrn.com/abstract=3823

Michael J. Artis

University of Manchester - Institute for Political & Economic Governance (IPEG) ( email )

Oxford Road
Manchester, M13 9PL
United Kingdom

Zenon G. Kontolemis (Contact Author)

European Union - European Commission ( email )

Belgium

Denise R. Osborn

University of Manchester - School of Social Sciences ( email )

Oxford Road
Manchester, M13 9PL
United Kingdom

University of Tasmania ( email )

French Street
Sandy Bay
Tasmania, 7250
Australia

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