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A closer look at the world business cycle synchronization

  • Pedro Cerqueira

    ()

This paper uses a transformation of the period-by-period index proposed by Cerqueira and Martins ( 2009 ), to overcome some of its shortcomings, in a non-parametric estimation to analyze how business cycle synchronization for a sample of 111 countries evolved in the period 1960–2007. The period-by-period index is able to distinguish between negative correlations due to episodes in single years, asynchronous behavior in turbulent times and synchronous behavior over stable periods and the non-parametric approach provides a more detailed analysis than the use of a parametric approach. The results show that since the nineties the synchronization at the world level, within and between country groups, experienced a dramatic increase reaching the highest values ever at the sample end. Copyright Springer-Verlag Berlin Heidelberg 2013

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File URL: http://hdl.handle.net/10.1007/s10368-013-0233-z
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Article provided by Springer in its journal International Economics and Economic Policy.

Volume (Year): 10 (2013)
Issue (Month): 3 (September)
Pages: 349-363

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Handle: RePEc:kap:iecepo:v:10:y:2013:i:3:p:349-363
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