Macroeconomic Synchronization Between G3 Countries
This paper studies the existence of a world business cycle by examining quarterly and annual comovements in production, prices and interest rates in the three main world economies: Germany, Japan and the US. In accordance with earlier studies, contemporaneous relationships clearly dominate short-term dynamics. The evidence indicates the existence of strong comovements in prices and long-term interest rates, and, to a lesser degree, in GDP and short-term interest rates. They are, however, rather unstable over time. Copyright Verein fü Socialpolitik and Blackwell Publishers Ltd 2002.
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Volume (Year): 3 (2002)
Issue (Month): 2 (05)
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