Power laws and macroeconomic fluctuations
We study the duration distribution of recessions and recoveries occurred in a pool of industrialized countries during the last 120 years. We find that for recessions the duration is distributed according to a power law, and that the power exponent is virtually invariant as we split up the time span into sub-periods. The evidence regarding the duration of recoveries is mixed, however.
Volume (Year): 324 (2003)
Issue (Month): 1 ()
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