International Business Cycle Co-Movements through Time: The Anglo-Saxon Experience
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International Business Cycle Co-Movements through Time: The Anglo-Saxon Experience
Applied Economics Quarterly, Vol. 55 (2009), Iss. 2 : pp. 147–172
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1Dan Andrews, Reserve Bank of Australia, GPO Box 3947, Sydney 2001, Australia.
2Marion Kohler, Bank for International Settlements, Centralbahnplatz 2, 4002 Basel.
Abstract
Over the past 40 years the business cycles of Anglo-Saxon countries have become more closely synchronized. This paper investigates whether the factors suggested for explaining cycle co-movements across countries can also explain changes through time. We find that most of the cross-sectional explanations – trade, industrial structure and relative market flexibility – can also explain changes through time. However, the size and sign of the impact vary across country pairs.
JEL Classifications: E32, F15, F42