The hypothesis is examined that the severity of a recession favourably affects the rate of growth of output during the period immediately after the recession. Our empirical analysis is based on the behaviour of industrial output in the G-7 countries during the period 1960 to 1985. The depth of a...

We examine the hypothesis that deep recessions are followed by strong recoveries using a monthly data set for industrial production covering the period 1884-1990. There is a statistically significant relationship between growth in the first twelve months of a recovery and the peak-to-trough...

This paper documents business cycle similarities and differences among the 12 Federal Reserve districts in the USA and the 15 countries that make up the EU. The comparison is suggestive of what might be expected to emerge in the way of business cycle synchronization from a monetary union between...