Work

Business Cycles in International Historical Perspective

Year: 1999

Type: article

Abstract: This paper examines business cycles theoretically and empirically, with a quantitative study based on data for a cross section of countries. Theoretical concerns indicate that the properties of business cycle models depend not only on important structural aspects of the model, such as money neutrality, labor market structure, and price adjustment, but also on the closure of the model in international markets. Econometric considerations suggest that panel data can provide more information about the country-specific versus universal features of cycles. The authors review business cycle properties in a sample of over a dozen counties in light of these issues.

Source: The Journal of Economic Perspectives

DOI: 10.1257/jep.13.2.45

Authors: Susanto Basu, Alan M Taylor

Institutions: Boston College, National Bureau of Economic Research, University of Michigan, Northwestern University, Centre for Economic Policy Research, University of Virginia, University of California, Davis

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: bronze

OpenAlex ID: W1991063012

FWCI: 51.24

Cites: 87

Cited by: 224

Related to: 10