Business cycle synchronization during US recessions since the beginning of the 1870's
Nikolaos Antonakakis
MPRA Paper from University Library of Munich, Germany
Abstract:
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.
Keywords: Dynamic conditional correlation; Business cycle synchronization; Recession; Globalisation (search for similar items in EconPapers)
JEL-codes: E3 E32 F4 F41 N10 (search for similar items in EconPapers)
Date: 2012-04
New Economics Papers: this item is included in nep-his, nep-mac and nep-opm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (28)
Downloads: (external link)
https://mpra.ub.uni-muenchen.de/38341/1/MPRA_paper_38341.pdf original version (application/pdf)
Related works:
Journal Article: Business cycle synchronization during US recessions since the beginning of the 1870s (2012)
Working Paper: Business Cycle Synchronization During US Recessions Since the Beginning of the 1870's (2012)
Working Paper: Business Cycle Synchronization During US Recessions Since the Beginning of the 1870's (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:38341
Access Statistics for this paper
More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().