Avouyi-Dovi, Sanvi (contributor); … - 2005
est disponible sur le site internet de la
Banque de France « www.banque-France.fr ».
The Working Paper Series ….
Let y
t
denote the log of real GDP at t and x
t
the excess return at t.Foreachcountry
i (i = FRA,USA,GBR,GER,andITA), we … real and �nancial cycles
USA FRA GER UKG ITA
PIB 0.68687
(∗)
0.61616 0.62626 0.58586 0.54545
(∗)
Cons. 0.64646
(∗)
0 …