The globalization of markets has sparked a worldwi

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International Business Cycles: G7 and OECD Countries: A Reprint from the “Economic Review”

The globalization of markets has sparked a worldwi

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By Marcelle Chauvet (au); Chengxuan Yu (au)
Year: 2006
Pages: 11
Binding Paperback

Product Code: 1437900453

Description

The globalization of markets has sparked a worldwide interest in using economic indicators to analyze cyclical fluctuations. Governments and the private sector could benefit from internat. indicators that serve as a warning system to detect recessions in major economic partners and in industrialized countries as whole. This article constructs just such a warning system. The authors construct business cycle indicators for G7 countries and for an aggregate measure of output by 29 member countries of the OECD. The model yields probabilities of the current bus. cycle phase for each G7 country and for the aggregate OECD and G7 output measures and reveals a common cycle underlying the OECD countries that characterizes an internat. bus. cycle.

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