Canova, FabioCiccarelli, MatteoOrtega, EvaUniversitat Pompeu Fabra. Departament d'Economia i Empresa2017-07-262017-07-262003-02-01Journal of Monetary Economics, 54(3), 2007, 850-878http://hdl.handle.net/10230/535This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller role. We detect differences across business cycle phases but, apart from an increase in synchronicity in the late 1990s, find little evidence of major structural changes. We also find no evidence of the existence of an Euro area specific cycle or of its emergence in the 1990s.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commonsinfo:eu-repo/semantics/workingPaperbusiness cycleg7indicatorspanel databayesian methodsMacroeconomics and International Economicsinfo:eu-repo/semantics/openAccess