Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152746
Authors: 
Canova, Fabio
Ciccarelli, Matteo
Ortega, Eva
Year of Publication: 
2004
Series/Report no.: 
ECB Working Paper 312
Abstract: 
This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller role. We detect di?erences across business cycle phases but, apart from an increase in synchronicity in the late 1990s, find little evidence of major structural changes. We also find no evidence of the existence of an Euro area specific cycle or of its emergence in the 1990s.
Subjects: 
Bayesian methods
business cycle
indicators
panel data
JEL: 
C11
C33
E32
Document Type: 
Working Paper

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