Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/208239 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
ECB Working Paper No. 2205
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We estimate business cycle regime switching logit models for G7 countries to determine the effect of duration of the current business cycle phase and of foreign recessions on the likelihood that expansions and recessions come to an end. With respect to expansions in a G7 country, we find that the probability they end roughly doubles each time another G7 country falls into a recession. We also find that expansions in the US and Germany are duration dependent, i.e. are more likely to end as they grow older. This contrasts with other G7 countries where expansions are not duration dependent. With respect to recessions in a G7 country, we find that the likelihood of them coming to an end is not affected by other G7 countries' recessions. We find duration dependence of recessions for all G7 countries, i.e. recessions that have gone on for a while are more likely to end.
Schlagwörter: 
Duration dependence
Recessions
Regime switching logit model
Business cycles
JEL: 
E32
C41
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-3310-0
Dokumentart: 
Working Paper

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