𝔖 Bobbio Scriptorium
✦   LIBER   ✦

The UK intranational business cycle

✍ Scribed by Michael Artis; Toshihiro Okubo

Publisher
John Wiley and Sons
Year
2010
Tongue
English
Weight
958 KB
Volume
29
Category
Article
ISSN
0277-6693

No coin nor oath required. For personal study only.

✦ Synopsis

Abstract

The paper uses annual data on real GDP for 12 UK regions and 12 manufacturing sectors to derive regional and regional/sectoral business cycles using a Hodrick–Prescott filter. The cohesion of the cycles is examined via cross‐correlations and comparisons made with the regional cycles for Japan, the USA and the euro area. The UK emerges as especially cohesive and efforts to explain the overall cross‐correlations of regional GDP are not very successful owing to the low variance of the explicand; when attention is turned to the sectoral/regional cycles, with their greater variance, it is possible to demonstrate that economic variables such as distance, dissimilarity in structure and level of output play a significant role in explaining the variance in the cross‐correlations. A significant feature of the cross‐correlations in relation to those of EU countries is that while they continue to provide support for the ‘UK idiosyncrasy’ they no longer do so as strongly as they did in earlier data samples. Copyright © 2009 John Wiley & Sons, Ltd.

📜 SIMILAR VOLUMES

Forecasting UK industrial production ove
Forecasting UK industrial production over the business cycle
✍ Paul W. Simpson; Denise R. Osborn; Marianne Sensier 📂 Article 📅 2001 🏛 John Wiley and Sons 🌐 English ⚖ 192 KB

## Abstract This paper examines the information available through leading indicators for modelling and forecasting the UK quarterly index of production. Both linear and non‐linear specifications are examined, with the latter being of the Markov‐switching type as used in many recent business cycle a

PERMANENT AND TRANSITORY SHOCKS, AND THE
PERMANENT AND TRANSITORY SHOCKS, AND THE UK BUSINESS CYCLE
✍ MORTEN O. RAVN 📂 Article 📅 1997 🏛 John Wiley and Sons 🌐 English ⚖ 281 KB

In this paper the business cycle properties of UK data are investigated using a VAR technique. A Real Business Cycle (RBC) model is formulated. The model includes both permanent and transitory shocks to technology. The business cycle properties of the data and the model are investigated by deriving

Business cycle non-linearities in UK con
Business cycle non-linearities in UK consumption and production
✍ Nadir Öcal; Denise R. Osborn 📂 Article 📅 2000 🏛 John Wiley and Sons 🌐 English ⚖ 204 KB

This paper develops non-linear smooth transition autoregressive (STAR) models with two additive smooth transition components to capture the business cycle characteristics of UK real consumers' expenditure and industrial production. The results indicate consumption has essentially two business cycle

International Business Cycles and the ER
International Business Cycles and the ERM: Is There a European Business Cycle?
✍ M.J. Artis; W. Zhang 📂 Article 📅 1997 🏛 John Wiley and Sons 🌐 English ⚖ 179 KB

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

The business cycle in postwar Lebanon
The business cycle in postwar Lebanon
✍ Ghassan Dibeh 📂 Article 📅 2008 🏛 John Wiley and Sons 🌐 English ⚖ 145 KB

## Abstract The postwar business cycle in Lebanon was dominated by the exchange rate based stabilization (ERBS) program implemented by the successive postwar governments. In the early period 1993–2002, a boom‐bust dynamics was generated during which the economy exhibited the well‐documented stylise