Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152717
Authors: 
McAdam, Peter
Year of Publication: 
2003
Series/Report no.: 
ECB Working Paper 283
Abstract: 
There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and the euro area. Using Markov-switching techniques, in this paper we identify and compare specifically their major business-cycle features and examine the case for a common business cycle, asymmetries in the national cycles and, using a number of algorithms, date business-cycle turning points. Despite a high degree of trade and financial linkages, the cyclical features of US, Japan and the euro area appear quite distinct. Documenting and comparing such international business-cycle features can aid forecasting, model selection and policy analysis etc.
Subjects: 
business-cycle
euro area
Japan
US
JEL: 
C32
F20
Document Type: 
Working Paper

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