Stock, James H.; Watson, Mark W. - In: Journal of the European Economic Association 3 (2005) 5, pp. 968-1006
The volatility of economic activity in most G7 economies has moderated over the past 40 years. Also, despite large increases in trade and openness, G7 business cycles have not become more synchronized. After documenting these facts, we interpret G7 output data using a structural VAR that...