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Classical and modern business cycle measurement: the European case

Abstract:

This paper intends to harmonize two different approaches to the analysis of the business cycle and in doing so it retrieves the stylized facts of the business cycle in Europe. We start with the 'classical' approach proposed in Burns and Mitchell (1946) of dating and analyzing the business cycle; we then adopt the 'modern' alternative: the Markov-switching time series model proposed in Hamilton (1989a). The model's regime probabilities provide an optimal statistical inference of the turning po...

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Publication status:
Published

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Publisher:
University of Oxford Publisher's website
Series:
Department of Economics Discussion Paper Series
Publication date:
2001-01-01
Paper number:
60
Keywords:
Pubs id:
1144353
Local pid:
pubs:1144353
Deposit date:
2020-12-15

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