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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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.
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- Wright, Ian, 2005.
"The social architecture of capitalism,"
Physica A: Statistical Mechanics and its Applications,
Elsevier, vol. 346(3), pages 589-620.
- Wright, Ian, 2008.
"Implicit Microfoundations for Macroeconomics,"
Economics Discussion Papers
2008-41, Kiel Institute for the World Economy.
- 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.
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