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The duration of recessions follows an exponential not a power law

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  • Wright, Ian

Abstract

Ormerod and Mounfield (Physica A 293 (2001) 573) analyse GDP data of 17 leading capitalist economies from 1870 to 1994 and conclude that the frequency of the duration of recessions is consistent with a power law. But in fact the data is consistent with an exponential (Boltzmann–Gibbs) law.

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Bibliographic Info

Article provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.

Volume (Year): 345 (2005)
Issue (Month): 3 ()
Pages: 608-610

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Handle: RePEc:eee:phsmap:v:345:y:2005:i:3:p:608-610

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Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/

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Keywords: Econophysics; Power laws; Exponential laws;

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  1. Ormerod, Paul & Mounfield, Craig, 2001. "Power law distribution of the duration and magnitude of recessions in capitalist economies: breakdown of scaling," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 293(3), pages 573-582.
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Cited by:
  1. Wright, Ian, 2009. "Implicit Microfoundations for Macroeconomics," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 3(19), pages 1-27.
  2. Fagiolo G. & Treibich T.G. & Roventini A. & Napoletano M. & Dosi G., 2014. "Fiscal and monetary policies in complex evolving economies," Research Memorandum 006, Maastricht University, Graduate School of Business and Economics (GSBE).
  3. Ian Wright, 2004. "The Social Architecture of Capitalism," Papers cond-mat/0401053, arXiv.org, revised Mar 2011.
  4. Redelico, Francisco O. & Proto, Araceli N. & Ausloos, Marcel, 2008. "Power law for the duration of recession and prosperity in Latin American countries," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 387(25), pages 6330-6336.

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