More international evidence on the historical properties of business cycles
This paper establishes stylized facts about business cycles in the late 19th century, using spectral analysis techniques which allow an intuitive description and analysis of cyclical structure in economic fluctuations. Analysis of industrial production data for 13 countries permits the following gen...
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2001
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Online Access: | https://www.zora.uzh.ch/id/eprint/2243/ https://www.zora.uzh.ch/2243 https://doi.org/10.1016/S0304-3932(01)00045-9 |
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ftunivzuerich:oai:www.zora.uzh.ch:2243 2024-06-23T07:55:07+00:00 More international evidence on the historical properties of business cycles A'Hearn, Brian Woitek, Ulrich 2001 https://www.zora.uzh.ch/id/eprint/2243/ https://www.zora.uzh.ch/2243 https://doi.org/10.1016/S0304-3932(01)00045-9 eng eng Elsevier https://www.zora.uzh.ch/2243 doi:10.1016/S0304-3932(01)00045-9 urn:issn:0304-3932 info:eu-repo/semantics/closedAccess A'Hearn, Brian; Woitek, Ulrich (2001). More international evidence on the historical properties of business cycles. Journal of Monetary Economics, 47(2):321-346. Department of Economics Institute of History 900 History 330 Economics Journal Article PeerReviewed info:eu-repo/semantics/article 2001 ftunivzuerich https://doi.org/10.1016/S0304-3932(01)00045-9 2024-06-05T00:17:36Z This paper establishes stylized facts about business cycles in the late 19th century, using spectral analysis techniques which allow an intuitive description and analysis of cyclical structure in economic fluctuations. Analysis of industrial production data for 13 countries permits the following generalizations. In the advanced North Atlantic economies, a fairly regular long cycle with a periodicity of 7–10 years is identified in all countries. This component explains a substantial fraction of overall variation in industrial production. There is some evidence of a less regular, less powerful short cycle of 3–5 years duration. In peripheral economies experience is varied, but it is more often the short cycle that exercises greater influence. The long cycle component is shown to be highly correlated among the core economies, much less so between core and peripheral economies, and least of all among peripheral economies. The long cycle is more highly correlated among countries with important trading ties and those on a metallic monetary standard throughout the period. Article in Journal/Newspaper North Atlantic University of Zurich (UZH): ZORA (Zurich Open Repository and Archive Journal of Monetary Economics 47 2 321 346 |
institution |
Open Polar |
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University of Zurich (UZH): ZORA (Zurich Open Repository and Archive |
op_collection_id |
ftunivzuerich |
language |
English |
topic |
Department of Economics Institute of History 900 History 330 Economics |
spellingShingle |
Department of Economics Institute of History 900 History 330 Economics A'Hearn, Brian Woitek, Ulrich More international evidence on the historical properties of business cycles |
topic_facet |
Department of Economics Institute of History 900 History 330 Economics |
description |
This paper establishes stylized facts about business cycles in the late 19th century, using spectral analysis techniques which allow an intuitive description and analysis of cyclical structure in economic fluctuations. Analysis of industrial production data for 13 countries permits the following generalizations. In the advanced North Atlantic economies, a fairly regular long cycle with a periodicity of 7–10 years is identified in all countries. This component explains a substantial fraction of overall variation in industrial production. There is some evidence of a less regular, less powerful short cycle of 3–5 years duration. In peripheral economies experience is varied, but it is more often the short cycle that exercises greater influence. The long cycle component is shown to be highly correlated among the core economies, much less so between core and peripheral economies, and least of all among peripheral economies. The long cycle is more highly correlated among countries with important trading ties and those on a metallic monetary standard throughout the period. |
format |
Article in Journal/Newspaper |
author |
A'Hearn, Brian Woitek, Ulrich |
author_facet |
A'Hearn, Brian Woitek, Ulrich |
author_sort |
A'Hearn, Brian |
title |
More international evidence on the historical properties of business cycles |
title_short |
More international evidence on the historical properties of business cycles |
title_full |
More international evidence on the historical properties of business cycles |
title_fullStr |
More international evidence on the historical properties of business cycles |
title_full_unstemmed |
More international evidence on the historical properties of business cycles |
title_sort |
more international evidence on the historical properties of business cycles |
publisher |
Elsevier |
publishDate |
2001 |
url |
https://www.zora.uzh.ch/id/eprint/2243/ https://www.zora.uzh.ch/2243 https://doi.org/10.1016/S0304-3932(01)00045-9 |
genre |
North Atlantic |
genre_facet |
North Atlantic |
op_source |
A'Hearn, Brian; Woitek, Ulrich (2001). More international evidence on the historical properties of business cycles. Journal of Monetary Economics, 47(2):321-346. |
op_relation |
https://www.zora.uzh.ch/2243 doi:10.1016/S0304-3932(01)00045-9 urn:issn:0304-3932 |
op_rights |
info:eu-repo/semantics/closedAccess |
op_doi |
https://doi.org/10.1016/S0304-3932(01)00045-9 |
container_title |
Journal of Monetary Economics |
container_volume |
47 |
container_issue |
2 |
container_start_page |
321 |
op_container_end_page |
346 |
_version_ |
1802647567046017024 |