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Finnish and Swedish Business Cycles in a Global Context

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  • Bergman, Michael

    ()
    (Department of Economics, Lund University)

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    Abstract

    This paper examines the characteristics of business cycles in and across Sweden and Finland during the postwar period. We find that output fluctuations in Sweden and Finland are highly correlated to two measures of the international business cycle, a European and a non--European common business cycle component. The Swedish but not the Finnish business cycle becomes more synchronized to the European business cycle over time whereas the Finnish but not the Swedish business cycle becomes more synchronized to the non--European business cycle. We also find that country--specific business cycles in Finland and Sweden are highly synchronized only during the 1990's.

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    File URL: http://project.nek.lu.se/publications/workpap/Papers/WP01_20.pdf
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    Bibliographic Info

    Paper provided by Lund University, Department of Economics in its series Working Papers with number 2001:20.

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    Length: 22 pages
    Date of creation: 30 Sep 2001
    Date of revision:
    Handle: RePEc:hhs:lunewp:2001_020

    Contact details of provider:
    Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
    Phone: +46 +46 222 0000
    Fax: +46 +46 2224613
    Web page: http://www.nek.lu.se/en
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    Related research

    Keywords: Finnish and Swedish business cycles; World business cycle; European business cycle; symmetry and comovement of cycles;

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    References

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    1. Bergman, U. Michael & Bordo, Michael D. & Jonung, Lars, 1998. "Historical Evidence on Business Cycles: The International Experience," Working Paper Series in Economics and Finance 255, Stockholm School of Economics.
    2. Gregory, Allan W & Head, Allen C & Raynauld, Jacques, 1997. "Measuring World Business Cycles," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(3), pages 677-701, August.
    3. Baxter, Marianne & Stockman, Alan C., 1989. "Business cycles and the exchange-rate regime : Some international evidence," Journal of Monetary Economics, Elsevier, vol. 23(3), pages 377-400, May.
    4. Marianne Baxter & Robert G. King, 1995. "Measuring Business Cycles Approximate Band-Pass Filters for Economic Time Series," NBER Working Papers 5022, National Bureau of Economic Research, Inc.
    5. Engle, Robert F & Kozicki, Sharon, 1993. "Testing for Common Features: Reply," Journal of Business & Economic Statistics, American Statistical Association, vol. 11(4), pages 393-95, October.
    6. Engle, Robert F & Kozicki, Sharon, 1993. "Testing for Common Features," Journal of Business & Economic Statistics, American Statistical Association, vol. 11(4), pages 369-80, October.
    7. Susanto Basu & Alan M. Taylor, 1999. "Business Cycles in International Historical Perspective," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 45-68, Spring.
    8. Frankel, Jeffrey A. & Rose, Andrew K., 1997. "Is EMU more justifiable ex post than ex ante?," European Economic Review, Elsevier, vol. 41(3-5), pages 753-760, April.
    9. Robin L. Lumsdaine & Eswar Prasad, 1999. "Identifying the Common Component in International Economic Fluctuations," IMF Working Papers 99/154, International Monetary Fund.
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