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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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  1. Ansgar Belke & Daniel Gros, 2002. "Monetary Integration in the Southern Cone: Mercosur Is Not Like the EU," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 204/2002, Department of Economics, University of Hohenheim, Germany.
    Other versions:
  2. Murray, John, 1999. "Why Canada Needs a Flexible Exchange Rate," Working Papers 99-12, Bank of Canada. [Downloadable!]
  3. Robert F. Engle & Jo‹o Victor Issler, 1993. "Common Trends and Common Cycles in Latin America," University of California at San Diego, Economics Working Paper Series 93-04, Department of Economics, UC San Diego.
  4. Eduard Hochreiter & Klaus Schmidt-Hebbel & Georg Winckler, 2002. "Monetary Union: European Lessons, Latin American Prospects," Working Papers 68, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
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  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!]
  6. Boldin, Michael D, 1994. "Dating Turning Points in the Business Cycle," Journal of Business, University of Chicago Press, vol. 67(1), pages 97-131, January. [Downloadable!] (restricted)
  7. Potter, Simon M, 1999. " Nonlinear Time Series Modelling: An Introduction," Journal of Economic Surveys, Blackwell Publishing, vol. 13(5), pages 505-28, December. [Downloadable!] (restricted)
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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. M. Ayhan Kose & Christopher Otrok & Charles H. Whiteman, 2003. "International Business Cycles: World, Region, and Country-Specific Factors," American Economic Review, American Economic Association, vol. 93(4), pages 1216-1239, September. [Downloadable!] (restricted)
  10. Finn E. Kydland & Edward C. Prescott, 1990. "Business cycles: real facts and a monetary myth," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 3-18. [Downloadable!]
  11. Marianne Baxter & Michael A. Kouparitsas, 2003. "Trade Structure, Industrial Structure, and International Business Cycles," American Economic Review, American Economic Association, vol. 93(2), pages 51-56, May. [Downloadable!] (restricted)
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  12. 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)
  13. 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!]
  14. Artis, Michael J & Kontolemis, Zenon G & Osborn, Denise R, 1997. "Business Cycles for G7 and European Countries," Journal of Business, University of Chicago Press, vol. 70(2), pages 249-79, April. [Downloadable!] (restricted)
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