Hirata, Hideaki; Kose, M. Ayhan; Otrok, Christopher M. - 2013
employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business … business cycles in a large sample of countries and regions over the period 1960?2010. We find that, since the mid-1980s, the … importance of regional factors has increased markedly in explaining business cycles especially in regions t …