Do Institutions and Culture Matter for Business Cycles? |
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Authors: | Sumru Altug Fabio Canova |
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Institution: | 1. Ko? University and CEPR, Istanbul, Turkey 2. EUI and CEPR, Firenze, Italy
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Abstract: | We examine the relationship between cyclical fluctuations and macroeconomic, institutional, and cultural indicators for 46 countries from Europe and the Mediterranean basin. In the Mediterranean cycles are different: the duration of expansions is shorter; the amplitude of recessions is larger; and cyclical synchronization is smaller than elsewhere. Differences in cultural indicators have strong and significant associations with differences in the persistence and volatility of cyclical fluctuations and their synchronization. |
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