Power laws and macroeconomic fluctuations
AbstractWe study the duration distribution of recessions and recoveries occurred in a pool of industrialized countries during the last 120 years. We find that for recessions the duration is distributed according to a power law, and that the power exponent is virtually invariant as we split up the time span into sub-periods. The evidence regarding the duration of recoveries is mixed, however.
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Bibliographic InfoArticle provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.
Volume (Year): 324 (2003)
Issue (Month): 1 ()
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- Paul Ormerod & Amy Heineike, 2009. "Global recessions as a cascade phenomenon with interacting agents," Journal of Economic Interaction and Coordination, Springer, vol. 4(1), pages 15-26, June.
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- Michał Brzeziński, 2013. "Robust estimation of the Pareto index: A Monte Carlo Analysis," Working Papers 2013-32, Faculty of Economic Sciences, University of Warsaw.
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