What Caused the 2000/01 Slowdown? Results from a VAR Analysis of G7 GDP Components

Bank of England Working Paper No. 190

40 Pages Posted: 15 Apr 2004

See all articles by Vincent Labhard

Vincent Labhard

European Central Bank (ECB) - Directorate General Economics

Date Written: June 2003

Abstract

In this paper a VAR-based analysis of shocks to G7 GDP components during the 2000/01 slowdown is presented. The patterns of shocks across the components and across the G7 countries are documented, and measures provided of their persistence. The shocks during the preceding expansion are also considered, and are used to discuss possible business cycle asymmetries, and a comparison made with the pattern of shocks during the previous slowdown in 1990. The analysis is then extended to derive shocks to components that explicitly take into account the roles played by monetary policy and oil prices in 2000/01.

Keywords: G7, GDP components, business cycle

JEL Classification: C32, E32, E52, Q43

Suggested Citation

Labhard, Vincent, What Caused the 2000/01 Slowdown? Results from a VAR Analysis of G7 GDP Components (June 2003). Bank of England Working Paper No. 190, Available at SSRN: https://ssrn.com/abstract=483443 or http://dx.doi.org/10.2139/ssrn.483443

Vincent Labhard (Contact Author)

European Central Bank (ECB) - Directorate General Economics ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

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