Authors
Fabio Canova, Matteo Ciccarelli, Eva Ortega
Publication date
2007/4/1
Journal
Journal of Monetary economics
Volume
54
Issue
3
Pages
850-878
Publisher
North-Holland
Description
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 specific cycle or of its emergence in the late 1990s.
Total citations
Scholar articles
F Canova, M Ciccarelli, E Ortega - Journal of Monetary economics, 2007
F Canova, E Ortega, M Ciccarelli - 2004