On the severity of economic downturns: lessons from cross-country evidence
- Authors: Agnello, L; Nerlich, C
- Publication year: 2012
- Type: Articolo in rivista (Articolo in rivista)
- Key words: Business cycle; Crises; Quantile regression
- OA Link: http://hdl.handle.net/10447/66150
Abstract
We measure the severity of recessions as a function of their amplitude and duration. Within a quantile regression framework, we assess what causes economic downturns to be more or less severe. We find that the most severe downturns have striking similarities regarding cumulated domestic credit and large current account deficits.