The Volatility of Business Cycles in Developed Market Economies, 1870-1986: Revisions and Conjectures

Eastern Economic Journal, Vol. 18, pp. 259-275, 1992

Posted: 14 Jan 2010

Date Written: 1992

Abstract

Alternative estimates for the volatility of pre-depression and post-World War II Canadian business cycles are constructed using various real Canadian GNP series. These estimates all suggest that the latter period was prone to much less cyclical volatility than the pre-depression years. With few exceptions, similar results are obtained from volatility estimates produced for thirteen other now-developed nations, including the United States. These findings provide evidential support for the traditional view that there was a considerable dampening of the business cycle in the years following World War II period compared to the pre-depression period.

Keywords: Volatility, Depression, Canada, Business Cycle, GNP series, United States, Dampening

JEL Classification: E32, N10

Suggested Citation

Altman, Morris, The Volatility of Business Cycles in Developed Market Economies, 1870-1986: Revisions and Conjectures (1992). Eastern Economic Journal, Vol. 18, pp. 259-275, 1992. Available at SSRN: https://ssrn.com/abstract=1536309

Morris Altman (Contact Author)

University of Newcastle ( email )

University Drive
Callaghan, NSW 2308
Australia

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