The great recession: The worst ever?

Camacho, M. ; Gadea, M.D. (Universidad de Zaragoza) ; Pérez-Quirós, G.

Resumen: We develop an international comparative assessment of the Great Recession, in terms of the features that characterize the form of the recession phases, namely length, depth and shape. The potential unobserved heterogeneity in the international recession characteristics is modeled by a finite mixture model. Using Bayesian inference via Gibbs sampling, the model classifies the Great Recession suffered by a large number of countries into different clusters, determin ing its severity in cross section and time series and dimensions. Our results suggest that the business cycle features of the Great Recession are not different from others in an international perspective. By contrast, we show that the only distinctive feature of the Great Recession was its unprecedented degree of synchronicity.

Idioma: Inglés

Año: 2018

Publicado en: Revista de Economia Aplicada 26, 76 (2018), 73-100
ISSN: 1133-455X

Originalmente disponible en: Texto completo de la revista

Factor impacto JCR: 0.3 (2018)

Categ. JCR: ECONOMICS rank: 347 / 363 = 0.956 (2018) - Q4 - T3

Factor impacto SCIMAGO: 0.145 - Economics, Econometrics and Finance (miscellaneous) (Q4)

Financiación: info:eu-repo/grantAgreement/ES/MEC/ECO2014-58991-C3-1-R
Financiación: info:eu-repo/grantAgreement/ES/MEC/ECO2014-58991-C3-2-R
Financiación: info:eu-repo/grantAgreement/ES/MINEIC/ECO2016-76178-P
Financiación: info:eu-repo/grantAgreement/ES/MINEIC/ECO2017-83255-C3-3-P

Tipo y forma: Artículo (Versión definitiva)

Área (Departamento): Área Economía Aplicada (Dpto. Estruc.Hª Econ.y Eco.Pb.)