Business Cycles in the Contemporary World: Description, Causes, Aggregation, and Synchronization Cover

Business Cycles in the Contemporary World: Description, Causes, Aggregation, and Synchronization

ISBN/ASIN: 9783790815320,9783790827187,3790812803,3790812056,3790812331 | 2003 | English | pdf | 165/166 pages | 5.24 Mb
Publisher: Physica-Verlag Heidelberg | Author: Dr. Bernd Süssmuth (auth.) | Edition: 1

The book provides a thorough and sophisticated descriptive analysis of business cycles in a historical perspective. The study is based on the latest available time series as well as latest techniques from the frequency domain. A combined univariate and bivariate analysis is conducted on the national as well as supranational (G7- and Euro-Area wide) level. Issues of stability, volatility, and cyclicality are investigated jointly. An extensive analysis of US manufacturing investment series on the fairly disaggregated four-digit level highlights the limits of linear models to capture the sectoral aggregation process. Synchronization is modelled by a mode-locking mechanism of industrial investment cycles induced by informational externalities. The model in its stochastic version is numerically simulated to assess an agreement between model and data.

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Business Cycles in the Contemporary World: Description, Causes, Aggregation, and Synchronization

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