Do Institutions and Culture Matter for Business Cycles?
AbstractWe examine the relationship between macroeconomic, institutional, and cultural indicators and cyclical fluctuations for European, Middle Eastern and North African Mediterranean countries. Mediterranean cycles are different from EU cycles: the duration of expansions is shorter; the amplitude and the output costs of recessions are larger; and cyclical synchronization is smaller. Differences in macroeconomic and institutional indicators partly account for the relative differences in cyclical synchronization. By contrast, differences in cultural indicators account for relative differences in the persistence, the volatility and the synchronization of cyclical fluctuations. Theoretical and policy implications are discussed.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 9382.
Date of creation: Mar 2013
Date of revision:
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Other versions of this item:
- Sumru Altug & Fabio Canova, 2012. "Do Institutions and Culture Matter for Business Cycles?," Working Papers 627, Barcelona Graduate School of Economics.
- Sumru Altug & Fabio Canova, 2012. "Do Institutions and Culture Matter for Business Cycles?," KoÃ§ University-TUSIAD Economic Research Forum Working Papers 1217, Koc University-TUSIAD Economic Research Forum.
- Sumru Altug & Fabio Canova, 2012. "Do institutions and culture matter for business cycles?," Economics Working Papers 1314, Department of Economics and Business, Universitat Pompeu Fabra.
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-04-13 (All new papers)
- NEP-ARA-2013-04-13 (MENA - Middle East & North Africa)
- NEP-BEC-2013-04-13 (Business Economics)
- NEP-CUL-2013-04-13 (Cultural Economics)
- NEP-MAC-2013-04-13 (Macroeconomics)
- NEP-SOC-2013-04-13 (Social Norms & Social Capital)
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.:
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