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What do 70 years of data on world cycles tell us? The decoupling of prices and quantities
[Que disent 70 ans de données sur les cycles mondiaux ? Le découplage prix-quantité]

Author

Listed:
  • Antoine Camous
  • Eric Monnet
  • Damien Puy

Abstract

A new 70-year dataset of world macroeconomic cycles reveals that the growing synchronisation of world economies mainly concerns asset prices. In contrast, the global synchronisation of variables such as GDP and credit remains low. Indeed, this “decoupling” has widened since the global financial crisis. We draw lessons from this for the conduct of public policies. Une nouvelle base de données macroéconomiques internationales sur 70 ans permet d’établir que la synchronisation croissante des économies mondiales concerne surtout les prix des actifs. Des variables telles que PIB et crédit restent faiblement synchronisées au niveau mondial. Ce "découplage" s’est même accentué après la crise financière mondiale. Nous en tirons des enseignements pour la conduite des politiques publiques.

Suggested Citation

  • Antoine Camous & Eric Monnet & Damien Puy, 2026. "What do 70 years of data on world cycles tell us? The decoupling of prices and quantities [Que disent 70 ans de données sur les cycles mondiaux ? Le découplage prix-quantité]," Eco Notepad 437, Banque de France.
    • Handle: RePEc:bfr:econot:437
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