Stylized facts of the business cycle : universal phenomenon, or institutionally determined?

Kufenko, Vadim; Geiger, Niels

Stylized facts of the business cycle : universal phenomenon, or institutionally determined?

dc.contributor.author	Kufenko, Vadim	de
dc.contributor.author	Geiger, Niels	de
dc.date.accessioned	2024-04-08T08:51:22Z
dc.date.available	2024-04-08T08:51:22Z
dc.date.created	2015-07-09
dc.date.issued	2015
dc.description.abstract	This paper empirically investigates and theoretically reflects on the generality of the “stylized facts” discussed in business cycle analysis. Using OECD data for 1960–2010, the duration of business cycles as well as three models capturing core macroeconomic relations are estimated: based on the Phillips curve (the inflation-unemployment nexus), Okun’s law (in the context of the relation between output growth and unemployment) and the inflation-output relation. Results are validated by relevant statistical tests. Observed durations vary from 4 to 8 years, and estimated coefficients differ in signs and magnitudes. Bearing these substantial variations in mind, an explanation of this heterogeneity is attempted by referring to proxies for various institutional variables for the goods, labour and money markets. The findings suggest that core coefficients in the relations, such as the slope of the Phillips curve, show significant correlation with some of these variables, but no uniform results are obtained. In the detailed theoretical discussion and interpretation it is thus argued that the notable differences between countries call the universality of the “stylized facts” into question, but also that these variations cannot be explained exhaustively by the institutional proxy variables employed here.	en
dc.identifier.swb	435257757
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/5915
dc.identifier.urn	urn:nbn:de:bsz:100-opus-10897
dc.language.iso	eng
dc.relation.ispartofseries	Schriftenreihe des Promotionsschwerpunkts Globalisierung und Beschäftigung; 45
dc.rights.license	publ-ohne-pod	en
dc.rights.license	publ-ohne-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_ubh.php
dc.subject	Business cycles	en
dc.subject	Empirical analysis	en
dc.subject	Institutions	en
dc.subject	Stylized facts	en
dc.subject.ddc	330
dc.subject.gnd	Konjunkturzyklus	de
dc.title	Stylized facts of the business cycle : universal phenomenon, or institutionally determined?	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.export.bibtex	@techreport{Kufenko2015, url = {https://hohpublica.uni-hohenheim.de/handle/123456789/5915}, author = {Kufenko, Vadim and Geiger, Niels}, title = {Stylized facts of the business cycle : universal phenomenon, or institutionally determined?}, year = {2015}, school = {Universität Hohenheim}, series = {Schriftenreihe des Promotionsschwerpunkts Globalisierung und Beschäftigung}, }
local.export.bibtexAuthor	Kufenko, Vadim and Geiger, Niels
local.export.bibtexKey	Kufenko2015
local.export.bibtexType	@techreport
local.faculty.number	3	de
local.institute.number	520	de
local.opus.number	1089
local.series.issueNumber	45
local.series.title	Schriftenreihe des Promotionsschwerpunkts Globalisierung und Beschäftigung
local.university	Universität Hohenheim	de
local.university.faculty	Faculty of Business, Economics and Social Sciences	en
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Institute for Economics	en
local.university.institute	Institut für Volkswirtschaftslehre	de

Files

Original bundle

Now showing 1 - 1 of 1

Name:: 45_2015.pdf
Size:: 641.19 KB
Format:: Adobe Portable Document Format
Description:: Open Access Fulltext

Download

Collections

Institut für Volkswirtschaftslehre
Schriftenreihe des Promotionsschwerpunkts Globalisierung und Beschäftigung