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- W3121450764 abstract "We investigate whether business cycles are all alike computing the welfare costs of business cycles for European-Union (EU) as the solution of the problem proposed by Lucas (1987). Because these countries have a long tradition of integration and trade, it is a natural experiment to investigate how similar their welfare costs of business cycles are. Using standard assumptions on preferences and a reasonable reduced form for consumption, we computed welfare costs using three alternative trend-cycle decomposition methods, but focusing on the multivariate Beveridge-Nelson decomposition. Our results show that welfare costs are very different across EU countries and between US and EU countries, and thus it is a strong evidence that business cycles are not alike in Europe." @default.
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- W3121450764 date "2005-01-01" @default.
- W3121450764 modified "2023-09-23" @default.
- W3121450764 title "Are Business Cycles All Alike In Europe" @default.
- W3121450764 hasPublicationYear "2005" @default.
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