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Stylized facts of Euroland's business cycle

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  • Döpke, Jörg
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    Abstract

    The paper presents some stylized facts of Euroland's business cycle using aggregated data. The main results are: The determination of turning points in Euroland's business cycle is not very sensitive to the detrending method used, although the level of the recent output gap depends on it. Investment, net exports and stock building explain the largest share of the swings in real GDP. The types of expenditures - except for net exports - are pro-cyclical with almost no lag or lead. The results for monetary variables are unclear, most of them show no clear-cut cyclical behavior. Prices are counter-cyclical, whereas labor productivity and real wages are pro-cyclical. The cyclical component of industrial production in all member countries shows a positive and over time increasing correlation coefficient with the one in the rest of Euroland.

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    File URL: http://econstor.eu/bitstream/10419/47106/1/258359676.pdf
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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 887.

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    Date of creation: 1998
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    Handle: RePEc:kie:kieliw:887

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    Related research

    Keywords: Business Cycles; Stylized Facts; European Monetary Union;

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    1. Apostolos Serletis & David Krause, 1996. "Nominal stylized facts of U. S. business cycles," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 49-54.
    2. Zivot, Eric & Andrews, Donald W K, 2002. "Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 25-44, January.
    3. James H. Stock & Mark W. Watson, 1998. "Business Cycle Fluctuations in U.S. Macroeconomic Time Series," NBER Working Papers 6528, National Bureau of Economic Research, Inc.
    4. Artis, Michael J & Zhang, Wenda, 1997. "On Identifying the Core of EMU: An Exploration of Some Empirical Criteria," CEPR Discussion Papers 1689, C.E.P.R. Discussion Papers.
    5. Canova, Fabio, 1998. "Detrending and business cycle facts: A user's guide," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 533-540, May.
    6. Gerald Carlino & Keith Sill, 1997. "Regional economies: separating trends from cycles," Business Review, Federal Reserve Bank of Philadelphia, issue May, pages 19-31.
    7. Victor Zarnowitz, 1992. "Business Cycles: Theory, History, Indicators, and Forecasting," NBER Books, National Bureau of Economic Research, Inc, number zarn92-1, May.
    8. Mark A. Wynne & Jahyeong Koo, 1997. "Business cycles under monetary union: EU and US business cycles compared," Working Papers 9707, Federal Reserve Bank of Dallas.
    9. Peter Brandner & Klaus Neusser, 1992. "Business cycles in open economies: Stylized facts for Austria and Germany," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 128(1), pages 67-87, March.
    10. Marianne Baxter & Robert G. King, 1999. "Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
    11. CPB Netherlands Bureau for Economic Policy Analysis, The Hague (Ed.) & Institut fur Weltwirtschaft an der Universität Kiel, Kiel (Ed.) & National Institute of Economic and Social Research, London (Ed, 1998. "The European economy in 1998 and 1999," Kiel Discussion Papers 319, Kiel Institute for the World Economy (IfW).
    12. Burnside, Craig, 1998. "Detrending and business cycle facts: A comment," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 513-532, May.
    13. Canova, Fabio, 1993. "Detrending and Business Cycle Facts," CEPR Discussion Papers 782, C.E.P.R. Discussion Papers.
    14. Michael A. Kouparitsas, 1998. "Are international business cycles different under fixed and flexible exchange rate regimes?," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 46-64.
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