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Business Cycles in International Historical Perspective

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  • Susanto Basu
  • Alan M. Taylor

Abstract

This paper examines business cycles theoretically and empirically, with a quantitative study based on data for a cross section of countries. Theoretical concerns indicate that the properties of business cycle models depend not only on important structural aspects of the model, such as money neutrality, labor market structure, and price adjustment, but also on the closure of the model in international markets. Econometric considerations suggest that panel data can provide more information about the country-specific versus universal features of cycles. The authors review business cycle properties in a sample of over a dozen counties in light of these issues.

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  • Susanto Basu & Alan M. Taylor, 1999. "Business Cycles in International Historical Perspective," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 45-68, Spring.
    • Handle: RePEc:aea:jecper:v:13:y:1999:i:2:p:45-68
    Note: DOI: 10.1257/jep.13.2.45
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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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