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dc.contributor.authorEgert, Balazsen_US
dc.contributor.authorSutherland, Douglasen_US
dc.date.accessioned2012-05-31en_US
dc.date.accessioned2012-06-08T13:57:19Z-
dc.date.available2012-06-08T13:57:19Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/58337-
dc.description.abstractThis paper takes a fresh look at the nature of financial and real business cycles in OECD countries using annual data series and shorter quarterly and monthly economic indicators. It first analyses the main characteristics of the cycle, including the length, amplitude, asymmetry and changes of these parameters during expansions and contractions. It then studies the degree of economic and financial cycle synchronisation between OECD countries but also of economic and financial variables within a given country, and gauges the extent to which cycle synchronisation changed over time. Finally, the paper provides some new evidence on the drivers of the great moderation and analyses the banking sector's pro-cyclicality by using aggregate and bank-level data. The main findings show that the amplitude of the real business cycle was becoming smaller during the great moderation, but asset price cycles were becoming more volatile. In part this was linked to developments in the banking sector which tended to accentuate pro-cyclical behaviour.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper: Fiscal Policy, Macroeconomics and Growth 3824en_US
dc.subject.jelE32en_US
dc.subject.jelE44en_US
dc.subject.ddc330en_US
dc.subject.keywordreal business cyclesen_US
dc.subject.keywordfinancial cyclesen_US
dc.subject.keywordgreat moderationen_US
dc.subject.keywordbanking systemen_US
dc.subject.keywordfinancial marketsen_US
dc.subject.stwReal Business Cycleen_US
dc.subject.stwFinanzsektoren_US
dc.subject.stwKonjunkturen_US
dc.subject.stwBörsenkursen_US
dc.subject.stwKrediten_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwBankensystemen_US
dc.subject.stwOECD-Staatenen_US
dc.titleThe nature of financial and real business cycles: The great moderation and banking sector pro-cyclicalityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn716601087en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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