Summers, Peter M.; Smith, Penelope A. - In: Journal of Applied Econometrics 20 (2005) 2, pp. 253-274
The objective of this paper is to evaluate the effectiveness of using a Markov switching model to measure the synchronization of business cycles. We use a Bayesian, Gibbs sampling approach to estimate a multivariate Markov switching model of GDP growth for several countries. We look for evidence...
