Krolzig, Hans-Martin; Clements, Michael P. - In: Empirical Economics 27 (2002) 2, pp. 185-204
We consider whether oil prices can account for business cycle asymmetries. We test for asymmetries based on the Markov switching autoregressive model popularized by Hamilton (1989), using the tests devised by Clements and Krolzig (2000). We find evidence against the conventional wisdom that...