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Title:Business cycles around the globe: a regime switching approach PDF Logo
Authors:Altuğ, Sumru
Bildirici, Melike
Issue Date:2010
Series/Report no.:TÜSİAD-Koç University Economic Research Forum working paper series 1009
Abstract:This paper characterizes business cycle phenomena in a sample of 22 developed and developing economies using a univariate Markov regime switching approach. It examines the efficacy of this approach for detecting business cycle turning points and for identifying distinct economic regimes for each country in question. The paper also provides a comparison of the business cycle turning points implied by this study and those derived in other studies and by other methods. Our findings document the importance of heterogeneity of individual countries' experiences. We also argue that consideration of a large and diverse group of countries provides an alternative perspective on the co-movement of aggregate economic activity worldwide.
Subjects:Markov switching approach
business cycles
turning point analysis
nonparametric modelling
JEL:E32
E37
C32
Document Type:Working Paper
Appears in Collections:ERF Working Paper Series, TÜSİAD-Koç University Economic Research Forum (ERF)

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