Do institutions and culture matter for business cycles?
Title: Do institutions and culture matter for business cycles?
Citation: Open economies review, 2014, Vol. 25, No. 1, pp. 93-122
ISSN: 0923-7992; 1573-708X
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.
Subject: Business cycles; Institutions and culture; Mediterranean countries; Synchronization; Labor-market institutions; Economic-development; Growth; Comovement; Countries; Beliefs; Europe
Initial version: http://hdl.handle.net/1814/29200
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