Business cycle patterns in European regions

The European Business Cycle

This paper deals with the existence of a common European growth cycle and its identification. Based on the analysis of some descriptive statistics in the time and frequency domain there is clear evidence of comovement in output growth among European countries. Univariate Markov switching autoregressions (MS-AR) are used for individual countries in order to detect changes in the mean growth rate...

Business Cycle Features In The Iranian Economy

Dating Business Cycle in Oil Exporting Countries

In this paper, we empirically investigate the relationship between oil price changes and output in a group of oil exporting countries. The dynamics of business cycles in Libya, Saudi Arabia, Nigeria, Kuwait, Venezuela and Qatar are modeled by alternative regime switching models. We show that the extension of uni-variate Markov Switching model in order to include oil revenue improves dating busi...

Business Cycle Synchronization and Patterns of Trade: Cases from Gulf Cooperation Council Countries

 Do similarities in trade patterns of GCC countries (UAE, KSA, Qatar, Bahrain, Kuwait, and Oman), which are geographically and politically alike and also enjoy oil income, affect the synchronization of their business cycles and make them have similar booms and busts? In this paper, we attempt to connect these two features and explore this question. Using various estimation methods (Common Corre...

A Non-Walrasian Labor Market and the European Business Cycle

This paper investigates to what extent a New Keynesian, monetary model with the addition of a microfounded, non-Walrasian labor market based on union bargaining is able to replicate key aspects of the business cycle. The presence of a representative union offers an explanation for two features of the cycle. First, it generates an endogenous mechanism which produces persistent responses of the e...