Krolzig, Hans-Martin - Department of Economics, Oxford University - 2000
By generalizing Hamiltons model of the US business cycle to a three-regime Markov-switching vector autoregressive model …, this paper analyzes regime shifts in the stochastic process of economic growth in the US, Japan and Europe over the last … the 1970s, convergence in the business cycle pattern which suggests the notion of a European business cycle. The multi-regime …