This paper examines the characteristics of business cycles within and across thirteen countries for more than a century of observations adopting a monetary regime perspective. We search for empirical regularities of business cycle fluctuations during three monetary regimes; the classical gold...

This paper studies business cycle synchronization in the three Scandinavian countries Denmark, Norway and Sweden prior to, during and after the Scandinavian Currency Union 1873-1913. We find that the degree of synchronization tended to increase during the currency union, thus supporting earlier...

This paper considers the relationship of the Nordic business cycle to the world business cycle using annual output data spanning 1870–1988. The paper studies the Nordic and a set of non-Nordic countries separately and finds evidence for both a Nordic and a world business cycle. Output...

We investigate whether fiscal rules help to reduce the extent of policy procyclicality—how government expenditure policy responds to GDP-- in a dynamic panel framework with 81 advanced, emerging and developing countries over 1985–2012. We construct two new fiscal rule indices and investigate...

This paper examines the relationship between financial instability and monetary policy within the Swedish economy. Based on a standard VAR model of monetary policy extended to include measures of financial instability and credit expansions, we examine the interaction between monetary policy and...

We develop an alternative test of the 'German View' that fiscal contractions may lead to immediate consumption booms derived from a form of an open-economy permanent income model where we add uncertainty over whether shocks are permanent or transitory. Using a time-series statistical...