Abstract

http://ssrn.com/abstract=269464
 
 

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Output Dynamics Of The G7 Countries - Stochastic Trends And Cyclical Movements


Frank Westermann


University of Osnabrueck - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute); CESifo (Center for Economic Studies and Ifo Institute) - Ifo Institute

Yin-Wong Cheung


City University of Hong Kong - Department of Economics & Finance; University of California at Santa Cruz - Department of Economics

December 1999

CESifo Working Paper Series No. 220

Abstract:     
Using a time series framework, the paper studies the interactions of the annual real per capita GDP data of the G7 countries. We find evidence of six common nonstationary processes behind the international output dynamics. In addition, there is evidence for the existence of a common business cycle among these countries. The trend and cycle components of each output series are obtained with a procedure that accounts for the presence of both the common nonstationary and cyclical factors. It is found that the relative variability and the correlation of the trend and cycle components are not similar across the G7 countries.

Number of Pages in PDF File: 18

JEL Classification: C32, E32, O49

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Date posted: June 16, 2001  

Suggested Citation

Westermann, Frank and Cheung, Yin-Wong, Output Dynamics Of The G7 Countries - Stochastic Trends And Cyclical Movements (December 1999). CESifo Working Paper Series No. 220. Available at SSRN: http://ssrn.com/abstract=269464

Contact Information

Frank Westermann (Contact Author)
University of Osnabrueck - Department of Economics ( email )
Rolandstr. 8
Osnabrueck, D-49069
Germany
CESifo (Center for Economic Studies and Ifo Institute)
Poschinger Str. 5
Munich, DE-81679
Germany
CESifo (Center for Economic Studies and Ifo Institute) - Ifo Institute ( email )
Poschinger Str. 5
Munich, 01069
Germany
Yin-Wong Cheung
City University of Hong Kong - Department of Economics & Finance ( email )
83 Tat Chee Avenue
Kowloon
Hong Kong
University of California at Santa Cruz - Department of Economics ( email )
1156 High Street
Santa Cruz, CA 95064
United States
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