Similarities and Convergence in G-7 Cycles

39 Pages Posted: 30 Sep 2004

See all articles by Fabio Canova

Fabio Canova

BI Norwegian Business School

Matteo Ciccarelli

European Central Bank (ECB)

Eva Ortega

Bank of Spain, DG Economics, Statistics and Research

Multiple version iconThere are 2 versions of this paper

Date Written: September 2004

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 a euro area specific cycle or of its emergence in the 1990s.

Keywords: Business cycle, G-7, indicators, panel data, Bayesian methods

JEL Classification: C11, E32

Suggested Citation

Canova, Fabio and Ciccarelli, Matteo and Ortega, Eva, Similarities and Convergence in G-7 Cycles (September 2004). Available at SSRN: https://ssrn.com/abstract=598143

Fabio Canova (Contact Author)

BI Norwegian Business School ( email )

Nydalsveien 37
Oslo, 0442
Norway

Matteo Ciccarelli

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Eva Ortega

Bank of Spain, DG Economics, Statistics and Research ( email )

Alcala 50
Madrid, 28014
Spain

HOME PAGE: http://https://www.bde.es/investigador/en/menu/people/research_staff_a/Ortega_Eslava__Eva.html

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
18
Abstract Views
1,302
PlumX Metrics