The duration of recessions follows an exponential not a power law
AbstractOrmerod and Mounfield analysed GDP data of 17 leading capitalist economies from 1870 to 1994 and concluded 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 InfoPaper provided by arXiv.org in its series Papers with number cond-mat/0311585.
Date of creation: Nov 2003
Date of revision: Mar 2011
Publication status: Published in Physica A: Statistical Mechanics and its Applications, 345, 3-4, pp. 608-610, 2005
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Other versions of this item:
- Wright, Ian, 2005. "The duration of recessions follows an exponential not a power law," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 345(3), pages 608-610.
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.
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- 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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