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European Business Cycles: 1960-1998

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  • Marco GALLEGATI

    ()
    (Universit… Politecnica delle Marche, Dipartimento di Economia)

  • Mauro GALLEGATI

    ()
    (Universit… Politecnica delle Marche, Dipartimento di Economia)

Abstract

The goal of the paper consists in investigating if comovements in some selected time series are common to various countries and periods of time. To do so, we use 18 economic time series between 1960: I- 1998: IV for 17 European countries. We found "regularity" in terms of comovements and periodicity with respect to the GDP, in slightly most of the series. In particular, consumption and investment among the aggregate demand components, employment and productivity, and, to a lesser degree, the consumers' and GDP price indexes, their inflation rates and the stock market index, are stable across countries, while the "exogenous" component of the national income series, the monetary variables, the interest rates and the nominal wage level are not. Cyclical movements of some series certainly are policy and institutional specific, as previous studies argued. Moreover, we investigated if GDP-comovements are robust within each single country, by comparing the various cyclical phases. As regards the cycle-specific approach, we found that only the real series are stable: prices, interest rates and wages are very irregular. Our results puzzle the "one-sided" impulse-propagation approach to fluctuations: The main message which emerges from this paper is that business cycle are not all alike, but some characteristics are very robust.

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File URL: http://docs.dises.univpm.it/web/quaderni/pdf/149.pdf
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Bibliographic Info

Paper provided by Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali in its series Working Papers with number 149.

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Length: 30
Date of creation: May 2001
Date of revision:
Handle: RePEc:anc:wpaper:149

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Cited by:
  1. Marcello MESSORI & Alberto ZAZZARO, 2004. "Monetary profits within the circuit: Ponzi finance oer "mors tua, vita mea"?," Working Papers 200, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  2. Nicola MATTEUCCI & Alessandro STERLACCHINI, 2003. "ICT and Employment Growth in Italian Industries," Working Papers 193, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  3. Renato BALDUCCI, 2005. "Public Expenditure and Economic Growth. A critical extension of Barro's (1990) model," Working Papers 240, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  4. Elvio MATTIOLI, 2003. "The measurement of coherence in the evaluation of criteria and its effects or ranking problems illustrated using a multicriteria decision method," Working Papers 199, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  5. Ugo Fratesi, 2003. "Innovation Diffusion and the Evolution of Regional Disparities," ERSA conference papers ersa03p327, European Regional Science Association.
  6. Roberto ESPOSTI & Pierpaolo PIERANI, 2005. "Price, Private Demand and Optimal Provision of Public R&D in Italian Agriculture," Working Papers 238, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  7. Stefania BUSSOLETTI & Roberto ESPOSTI, 2004. "Regional Convergence, Structural Funds and the Role of Agricolture in the EU. A Panel-Data Approach," Working Papers 220, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.

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