Kraay, Aart; Ventura, Jaume - In: Advances in Macroeconomics 2 (2002) 1, pp. 1030-1030
It is well known that business cycles in OECD countries exhibit a remarkable degree of synchronization. Much less known is that the peak of the OECD cycle is associated with high prices of labour-intensive products and low prices of capital-intensive ones. We document this cyclical behavior of...