To Dip or Not to Dip? A Comment on Kyer and Maggs (2019)

IF 1.1 Q3 ECONOMICS
David W. Findlay
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Abstract

In a 2019 article published in this journal, Kyer and Maggs examined the frequency and characteristics of double-dip recessions and multi-dip recessions for 21 countries during the 1960:1 to 2014:4 period. A review of Kyer and Maggs generated a number of questions about a particular feature of their business cycle dating methodology. Specifically, they determined that a recession ends once real gross domestic product returns to or exceeds the previous peak level of real gross domestic product. To demonstrate the impact this nontraditional feature of their methodology has on their results and conclusions, this paper repeats their analysis where, in contrast to Kyer and Maggs, it is assumed that a recession ends once the economy reaches the trough quarter in a business cycle. The application of this more traditional feature of business cycle dating methodology to the same countries and sample period yields results that do not support their conclusions about either the frequency of double-dip recessions or the number of countries in their sample that experienced multi-dip recessions. This paper first shows that double-dip recessions represent just 7.2% of all recessions and, therefore, are not as common as Kyer and Maggs reported. Second, only five of the 21 countries experienced recessions with two or more additional dips in economic activity over the entire sample period. Finally, only six countries experienced a multi-dip recession during the Great Recession.

Abstract Image

浸还是不浸?对《凯尔和马格斯》(2019)的评论
在本刊2019年发表的一篇文章中,Kyer和Maggs研究了21个国家在1960:1至2014:4期间二次探底衰退和多次探底衰退的频率和特征。在对 Kyer 和 Maggs 的研究进行回顾后,人们对他们的商业周期测算方法的一个特点产生了一些疑问。具体来说,他们认为,一旦实际国内生产总值恢复到或超过上一次实际国内生产总值的峰值水平,衰退就结束了。为了证明他们的方法的这一非传统特征对其结果和结论的影响,本文重复了他们的分析,与 Kyer 和 Maggs 的分析不同,本文假定一旦经济达到商业周期的低谷季度,衰退就会结束。对相同的国家和样本期应用这种更具传统特征的商业周期测年方法得出的结果,既不支持他们关于二次探底衰退频率的结论,也不支持他们样本中经历多次探底衰退的国家数量。本文首先表明,双底衰退仅占所有衰退的 7.2%,因此并不像 Kyer 和 Maggs 报告的那样普遍。其次,在整个样本期内,21 个国家中只有 5 个国家经历了经济活动两次或两次以上下滑的衰退。最后,只有 6 个国家在大衰退期间经历了多次衰退。
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来源期刊
CiteScore
1.50
自引率
8.30%
发文量
19
期刊介绍: International Advances in Economic Research (IAER) was established to promote the dissemination of economic and financial research within the international community. Founded in 1995 by the International Atlantic Economic Society, a need was identified to provide the latest research on today''s economic policies and tomorrow''s economic and financial conditions. Economists can no longer be concerned with professional developments only in their home country. Research by scholars in one country can easily have implications for other countries, yet often vital results are not shared. Economic restructuring in a shrinking world demands close analysis and careful interpretation. In IAER, authors from around the globe look at these issues, coming together in the cross-fertilization of multinational ideas. The journal provides economists, financial specialists, and scholars in related disciplines with much-needed opportunities to share their insights with worldwide colleagues. Policy-oriented, empirical, and theoretical research papers in all economic and financial areas are welcome, without regard to methodological preferences or school of thought. All manuscripts are submitted to a double-blind, peer review process. In addition to formal publication of full-length articles, IAER provides an opportunity for less formal communication through its Research Notes section. A small point may not be worthy of a full-length, formal paper but is important enough to warrant dissemination to other researchers. Research in progress may be of interest to other scholars in the field. A research approach ending in negative results needs to be shared to save others similar pitfalls. Research Notes has been established to facilitate this form of communication. The section provides a means by which short manuscripts of less than 200 words can quickly appear in IAER. The review process for these shorter manu scripts is usually completed within 30 days. Officially cited as: Int Adv Econ Res
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