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Classical Business Cycles in America: Are National Business Cycles Synchronised?

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Author Info
Mejia-Reyes, P.
Abstract

This paper provides further evidence on the synchronization between business cycle regimes in seven American countries by using a classical business cycles approach. Despite recent increasing international economic transactions within this continent, our results suggest that national business cycles are largely idiosyncratic, except for the United States and Canada. Thus, international coordination of macroeconomic policies may not be effective, at least in the short-run. Also, as a by product, we find evidence of asymmetries between expansions and recessions in mean, volatility and duration in most countries.

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Article provided by Euro-American Association of Economic Development in its journal International Journal of Applied Econometrics and Quantitative Studies .

Volume (Year): 1 (2004)
Issue (Month): 3 ()
Pages: 75-102
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Handle: RePEc:eaa:ijaeqs:v:1:y2004:i:1_16

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Related research
Keywords: Business cycle regimes; international synchronization; North America; South America;

Find related papers by JEL classification:
C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

References listed on IDEAS
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    Other versions:
  2. Murray, John, 1999. "Why Canada Needs a Flexible Exchange Rate," Working Papers 99-12, Bank of Canada. [Downloadable!]
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    Other versions:
  5. Guisan, M.Carmen & Aguayo, Eva, 2002. "Economic Growth and Cycles in Latin American Countries in 20th Century," Review on Economic Cycles, International Association of Economic Cycles, vol. 4(1), August. [Downloadable!]
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  8. Canova, Fabio, 1998. "Detrending and business cycle facts," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 475-512, May. [Downloadable!] (restricted)
    Other versions:
  9. Eduardo Levy & Federico Sturzenegger, 2000. "Is EMU a Blueprint for Mercosur?," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 37(110), pages 63-99. [Downloadable!]
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  13. Ahmed, Shaghil, 2003. "Sources of economic fluctuations in Latin America and implications for choice of exchange rate regimes," Journal of Development Economics, Elsevier, vol. 72(1), pages 181-202, October. [Downloadable!] (restricted)
  14. Guisan, M.Carmen & Aguayo, Eva, 2001. "Economic Development of American and European Areas in 1951-99," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 1(1), pages 111-128. [Downloadable!]
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