Output synchronization at Business, Juglar and Kuznet’s intermediate Cycles- Evidence from G-7 Countries

In this paper the output of G7 countries is approximately decomposed into Business, Juglar and Kuznet’s intermediate Cycles using the methodology of wavelets. We then assess how this output is synchronized at these cycles using multiple-correlation and crosscorrelation. Our results indicate that output is highly synchronized at Business cycles and almost perfectly synchronized at Juglar and Kuznet’s intermediate cycles.