Business Cycle Volatility in Developed Market Economies, 1870-1986: Revisions and Conjectures
Alternative estimates for the volatility of pre-depression and post-World War II Canadian business cycles are constructed using various real Canadian GNP series. These estimates all suggest that the latter period was prone to much less cyclical volatility than the pre-depression years. With few exceptions, similar results are obtained from volatility estimates produced for thirteen other now-developed nations, including the United States. These findings provide evidential support for the traditional view that there was a considerable dampening of the business cycle in the years following World War II period compared to the pre-depression period.
Volume (Year): 18 (1992)
Issue (Month): 3 (Summer)
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