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Does Switzerland share common business cylces with other European countries?

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  • Bruno Parnisari

Abstract

Contemporaneous comovements of aggregated output time series between industrialized countries represent an important characteristic of the international business cycle and have already been well documented. This paper shows that a small open economy like Switzerland shares common short term GDP fluctuations with other European countries, independently of the specific definitions used for the common component. The serial correlation common feature (SCCF) hypothesis of ENGLE and KOZICKI (1993) and also the univariate and multivariate structural time series models (HARVEY, 1989) are presented and applied. Sharing common short-term economic fluctuations with other European countries has various economic policy implications for Switzerland. This last issue is commented in the light of the new commom monetary policy framework in the Euro area, since the beginning of 1999.

Suggested Citation

  • Bruno Parnisari, 2000. "Does Switzerland share common business cylces with other European countries?," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 136(I), pages 45-78, March.
    • Handle: RePEc:ses:arsjes:2000-i-3
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    1. repec:hal:spmain:info:hdl:2441/2133 is not listed on IDEAS
    2. repec:spo:wpecon:info:hdl:2441/2133 is not listed on IDEAS
    3. Guilhem Bentoglio & Jacky Fayolle & Matthieu Lemoine, 2002. "Unity and Plurality of the European Cycle," Working Papers hal-03458584, HAL.
    4. Frank Westermann, 2002. "Stochastic Trends and Cycles in National Stock Market Indices: Evidence from the U.S., the U.K. and Switzerland," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 138(III), pages 317-328, September.
    5. repec:hal:wpspec:info:hdl:2441/2133 is not listed on IDEAS
    6. Leon, Costas & Eeckels, Bruno, 2009. "A Dynamic Correlation Approach of the Swiss Tourism Income," MPRA Paper 15215, University Library of Munich, Germany.

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