USA, Japan and the Euro Area: Comparing Business-Cycle Features
There has been much discussion of the differences in macroeconomic performance and prospects between the USA, Japan and the Euro area. Using Markov-switching techniques, we identify and compare specifically their major business-cycle features and examine the case for a common business cycle, asymmetries in the national cycles and, using a number of algorithms, date business-cycle turning points. Despite a high degree of trade and financial linkages, the cyclical features of USA, Japan and the Euro area appear quite distinct. Documenting and comparing such international business-cycle features can, for example, aid the development of business-cycle models and inform policy making.
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Volume (Year): 21 (2007)
Issue (Month): 1 ()
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