The synchronization of business cycles across the European Community
β Scribed by John P. Formby; Stefan C. Norrbin; Ryoichi Sakano
- Publisher
- Springer US
- Year
- 1992
- Tongue
- English
- Weight
- 973 KB
- Volume
- 3
- Category
- Article
- ISSN
- 0923-7992
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recent participants. That their behaviour is much of a piece with that of longer-established members must be put down to other influences or to the fact that prior to formal accession both countries informally pursued exchange rate and monetary policies which were similar to those they would have pu
## Abstract The objective of this paper is to evaluate the effectiveness of using a Markov switching model to measure the synchronization of business cycles. We use a Bayesian, Gibbs sampling approach to estimate a multivariate Markov switching model of GDP growth for several countries. We look for