Guilmi, Corrado Di; Gaffeo, Edoardo; Gallegati, Mauro; … - arXiv.org - 2004
Are expansions and recessions more likely to end as their magnitude increases? In this paper we apply parametric hazard models to investigate this issue in a sample of 16 countries from 1881 to 2000. For the total sample we find evidence of positive magnitude dependence for recessions, while for...