Journal of Economic Perspectives: Vol. 13 No. 2 (Spring 1999)


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Business Cycles in International Historical Perspective

Article Citation

Basu, Susanto, and Alan M. Taylor. 1999. "Business Cycles in International Historical Perspective." Journal of Economic Perspectives, 13(2): 45-68.

DOI: 10.1257/jep.13.2.45


This paper examines business cycles theoretically and empirically, with a quantitative study based on data for a cross section of countries. 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 panel data can provide more information about the country-specific versus universal features of cycles. The authors review business cycle properties in a sample of over a dozen counties in light of these issues.

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Basu, Susanto (U MI and NBER)
Taylor, Alan M. (Northwestern U and NBER)

JEL Classifications

E32: Business Fluctuations; Cycles
F43: Economic Growth of Open Economies
N10: Economic History: Macroeconomics and Monetary Economics; Growth and Fluctuations: General, International, or Comparative


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