The duration of recessions follows an exponential not a power law
AbstractOrmerod 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 InfoArticle provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.
Volume (Year): 345 (2005)
Issue (Month): 3 ()
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Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/
Econophysics; Power laws; Exponential laws;
Other versions of this item:
- Ian Wright, 2003. "The duration of recessions follows an exponential not a power law," Papers cond-mat/0311585, arXiv.org, revised Mar 2011.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Ian Wright, 2004.
"The Social Architecture of Capitalism,"
cond-mat/0401053, arXiv.org, revised Mar 2011.
- Wright, Ian, 2005. "The social architecture of capitalism," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 346(3), pages 589-620.
- 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.
- 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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