The great recessionThe worst ever?

  1. Máximo Camacho 1
  2. María Dolores Gadea 2
  3. Gabriel Pérez-Quirós 3
  1. 1 Universidad de Murcia
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    Universidad de Murcia

    Murcia, España

    ROR https://ror.org/03p3aeb86

  2. 2 Universidad de Zaragoza
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    Universidad de Zaragoza

    Zaragoza, España

    ROR https://ror.org/012a91z28

  3. 3 Banco de España
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    Banco de España

    Madrid, España

    ROR https://ror.org/02f26yq04

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Revista:
Revista de economía aplicada

ISSN: 1133-455X

Año de publicación: 2018

Volumen: 26

Número: 76

Páginas: 73-100

Tipo: Artículo

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Otras publicaciones en: Revista de economía aplicada

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, determining 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.

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Información de financiación

Maximo Camacho and María Dolores Gadea acknowledge financial support under Spanish MINECO grants ECO2014-58991-C3-1-R and ECO2014-58991-C3-2-R and Spanish MINEIC grants ECO2016-76178 P and ECO2017-83255-C3-3-P. The work of Maximo Camacho also was financially supported by the Groups of Excellence, Fundacion Seneca, 19884/GERM/15.

Financiadores

  • MINECO Spain
    • ECO2014-58991-C3-1-R
    • ECO2014-58991-C3-2-R
  • Fundación Séneca Spain
    • 19884/GERM/15
  • MINEIC Spain
    • ECO2016-76178 P
    • ECO2017-83255-C3-3-P

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