Resumen de Measuring international reference-cycles
Sonia de Lucas Santos, Inmaculada Álvarez Ayuso, María Jesús Delgado Rodríguez
Using the methodology developed in Stock and Watson (2002a), this paper offers a proposal for measuring the commom component of international economic fluctuations and for identifying the countries sharing this behavior. The proposal allows us to use the weight of the correlations of each country in relation to the factor as a criterion of belonging to the cycle. We have applied this proposal to a large sample of countries and find evidence for an international business cycle which includes a group of advanced countries in different regions of the world.
