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US, Japan and the euro area - comparing business-cycle features Author info | Abstract | Publisher info | Download info | Related research | Statistics Peter McAdam () (European Central Bank, Kaiserstraße 29, Frankfurt D60311, Germany. )
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There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and the euro area. Using Markov-switching techniques, in this paper we identify and compare specifically their major business-cycle features and examine the case for a common business cycle, asymmetries in the national cycles and, using a number of algorithms, date business-cycle turning points. Despite a high degree of trade and financial linkages, the cyclical features of US, Japan and the euro area appear quite distinct. Documenting and comparing such international business-cycle features can aid forecasting, model selection and policy analysis etc. JEL Classification: C32; F20.
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Paper provided by European Central Bank in its series Working Paper Series with number
283.
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Length: 40 pages
Date of creation: Nov 2003Date of revision:
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Keywords: Business cycle Markov switching synchronization turning points. Other versions of this item:
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Monica Billio & Massimiliano Caporin & Guido Cazzavillan, 2007.
"Dating EU15 Monthly Business Cycle Jointly Using GDP and IPI ,"
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Christian Richter & Andrew Hughes Hallett, 2005.
"A Time-Frequency Analysis of the Coherences of the US Business ,"
Computing in Economics and Finance 2005
45, Society for Computational Economics.
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