Globalization, the business cycle, and macroeconomic monitoring
By: S. Boragan Aruoba ... [et al.].
Contributors: National Bureau of Economic Research
Series: NBER working paper series -- working paper 16264; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16264.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] /
Description: "We propose and implement a framework for characterizing and monitoring the global business cycle.  Our framework utilizes high-frequency data, allows us to account for a potentially large amount of missing observations, and is designed to facilitate the updating of global activity estimates as data are released and revisions become available.  We apply the framework to the G-7 countries and study various aspects of national and global business cycles, obtaining three main results.  First, our measure of the global business cycle, the common G-7 real activity factor, explains a significant amount of cross-country variation and tracks the major global cyclical events of the past forty years.  Second, the common G-7 factor and the idiosyncratic country factors play different roles at different times in shaping national economic activity.  Finally, the degree of G-7 business cycle synchronization among country factors has changed over time"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 9/23/2010.

Includes bibliographical references.

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