GLOBAL BUSINESS CYCLES: CONVERGENCE OR DECOUPLING?*

Measuring Synchronisation and Convergence of Business Cycles

This paper investigates business cycle relations among different economies in the Euro area. Cyclical dynamics are explicitly modelled as part of a time series model. We introduce mechanisms that allow for increasing or diminishing phase shifts and for time-varying association patterns in different cycles. Standard Kalman filter techniques are used to estimate the parameters simultaneously by m...

Business cycles

This note outlines and discusses some of the strands in the post-Keynesian literature on business cycles. Most post-Keynesians have focused on endogenously generated cycles, but the mechanism varies: some focus on the goods market, others on financial markets, the labor market, or political intervention. The merits of formal modeling of the cycles have also come in for debate. 1 A slightly vers...

Efficient Decoupling Schemes Based on Hamilton Cycles

Decoupling the interactions in a spin network governed by a pair-interaction Hamiltonian is a well-studied problem. Combinatorial schemes for decoupling and for manipulating the couplings of Hamiltonians have been developed which use selective pulses. In this paper we consider an additional requirement on these pulse sequences: as few different control operations as possible should be used. Thi...

Growth and Business Cycles

This paper studies an agent-based model that bridges Keynesian theories of demandgeneration and Schumpeterian theories of technology-fueled economic growth. We employ the model to investigate the properties of macroeconomic dynamics and the impact of public polices on supply, demand and the “fundamentals” of the economy. We find that the complementarities between factors influencing aggregate d...

Informational Business Cycles