English, Article, Journal or magazine article edition: ARE BUSINESS CYCLES ALL ALIKE IN EUROPE? Márcio Antônio Salvato; João Victor Issler; Angelo Mont'alverne Duarte

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Bookmark: http://trove.nla.gov.au/version/123408
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • ARE BUSINESS CYCLES ALL ALIKE IN EUROPE?
Author
  • Márcio Antônio Salvato
  • João Victor Issler
  • Angelo Mont'alverne Duarte
Physical Description
  • preprint
Notes
  • We investigate whether business cycles are all alike computing the welfare costs of business cycles for European-Union (EU) as the solution of the problem proposed by Lucas (1987). Because these countries have a long tradition of integration and trade, it is a "natural experiment" to investigate how similar their welfare costs of business cycles are. Using standard assumptions on preferences and a reasonable reduced form for consumption, we computed welfare costs using three alternative trend-cycle decomposition methods, but focusing on the multivariate Beveridge-Nelson decomposition. Our results show that welfare costs are very different across EU countries and between US and EU countries, and thus it is a strong evidence that business cycles are not alike in Europe.
  • RePEc:anp:en2005:031
Language
  • English
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