Globalization, the Business Cycle, and Macroeconomic Monitoring
S. Boragan Aruoba, Francis X. Diebold, Ayhan Kose and Marco Terrones ,
NBER International Seminar on Macroeconomics

We propose and implement a framework for characterizing and monitoring the global business cycle. Our framework utilizes high-frequency data, allows us to account for a potentially large amount of missing observations, and is designed to facilitate the updating of global activity estimates as data are released and revisions become available. We apply the framework to the G-7 countries and study various aspects of national and global business cycles, obtaining three main results.

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