The course of the Great Depression
Heinemeyer, Hans Christian ;  ;  Universität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft

Main titleThe course of the Great Depression
Subtitlea consistent business cycle dating approach
AuthorHeinemeyer, Hans Christian
EditorUniversität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft
No. of Pages54 S.
Series ; 2007,14 : Volkswirtschaftliche Reihe
Classification (DDC)330 Economics
Also published in
AbstractThis study dates business cycles in 10 European countries, the
United States, and Japan between 1925 and 1936. The aim is to
establish a consistent dating of the world economic crisis, which is a
precondition for understanding the sharp economic decline in many
countries during the interwar period.
Three approaches were applied that are common in business cycle
dating. First, a deskriptive analysis infers on recessions based on
the two-consecutive quarters approach often associated with the US
National Bureau of Economic Research. Second, the time series is
decomposed into trend and cycle using the Hodrick-Prescott (1980)
filter. The third approach is to use Markov-regime switching models,
which was proposed by Hamilton (1989) for such purposes.
The results of confirm that the Great Depression was a global
phenomenon, not limited to the US or Germany. Business cycle comovement
in the interwar period is at a level comparable to the post-
WWII period. This finding points at the contribution of international
business cycle integration to the course of the decline in single countries.
If your browser can't open the file, please download the file first and then open it
FU DepartmentDepartment Business and Economics
Year of publication2007
Type of documentBook
Terms of use/Rights Nutzungsbedingungen
Created at2008-06-11 : 09:13:43
Last changed2016-01-05 : 02:38:11
Static URLhttp://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000000209