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dc.contributor.authorEgert, Balazsen
dc.contributor.authorSutherland, Douglasen
dc.date.accessioned2012-05-31-
dc.date.accessioned2012-06-08T13:57:19Z-
dc.date.available2012-06-08T13:57:19Z-
dc.date.issued2012-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3824en
dc.subject.jelE32en
dc.subject.jelE44en
dc.subject.ddc330en
dc.subject.keywordreal business cyclesen
dc.subject.keywordfinancial cyclesen
dc.subject.keywordgreat moderationen
dc.subject.keywordbanking systemen
dc.subject.keywordfinancial marketsen
dc.subject.stwReal Business Cycleen
dc.subject.stwFinanzsektoren
dc.subject.stwKonjunkturen
dc.subject.stwBörsenkursen
dc.subject.stwKrediten
dc.subject.stwWirtschaftswachstumen
dc.subject.stwBankensystemen
dc.subject.stwOECD-Staatenen
dc.titleThe nature of financial and real business cycles: The great moderation and banking sector pro-cyclicality-
dc.typeWorking Paperen
dc.identifier.ppn716601087en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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