Business Cycle Synchronization During US Recessions Since the Beginning of the 1870's

Nikolaos Antonakakis

Publication: Working/Discussion PaperWU Working Paper

46 Downloads (Pure)


This paper examines the synchronization of business cycles across the G7 countries during
US recessions since the 1870's. Using a dynamic measure of business cycle synchronization,
results depend on the globalisation period under consideration. On average, US recessions
have significantly positive effects on business cycle co-movements only in the period following
the breakdown of the Bretton Woods system of fixed exchange rates, while strongly decoupling effects among the G7 economies are documented during recessions that occurred under
the classical Gold Standard. During the 2007-2009 recession, business cycles co-movements
increased to unprecedented levels.
Original languageEnglish
Place of PublicationVienna
PublisherWU Vienna University of Economics and Business
Publication statusPublished - 1 Apr 2012

Publication series

SeriesDepartment of Economics Working Paper Series

Bibliographical note

Earlier version

WU Working Paper Series

  • Department of Economics Working Paper Series

Cite this