TY  - JOUR
AU  - Basu,Susanto
AU  - Taylor,Alan M.
TI  - Business Cycles in International Historical Perspective
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 7090
PY  - 1999
Y2  - April 1999
UR  - http://www.nber.org/papers/w7090
L1  - http://www.nber.org/papers/w7090.pdf
N1  - Author contact info:
Susanto Basu
Department of Economics
Boston College
140 Commonwealth Avenue
Chestnut Hill, MA 02467
Tel: 617/552-2182
Fax: 617/552-2308
E-Mail: susanto.basu@bc.edu

Alan M. Taylor
Department of Economics
University of Virginia
Monroe Hall
Charlottesville, VA 22903
Fax: (434) 982-2904
E-Mail: alan.m.taylor@virginia.edu
AB  - This paper examines business cycles theoretically and empirically, with a quantitative study based on experience over the long run and in a cross section of countries. Several major questions in business cycle theory are explored. Theoretical concerns indicate that the properties of business cycle models depend not only on important structural aspects of the model such as money neutrality, labor market structure, and price adjustment, but also on the closure of the model in international markets. Econometric considerations suggest that more information about the country-specific versus universal features of cycles could be gleaned from the study of panel data. A review of business cycle properties in a sample of over a dozen countries is considered in light of these issues.
ER  -