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Spring 2014

ISSN 0890-913X

Volume 29, Number 2

Categories: Spring 2014 | Government Policy

Business Cycle Volatility: Does the European-Style Safety Net Help?

Tomi Ovaska, Youngstown State University

Joseph Palardy, Youngstown State University

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TheJournalofPrivateEnterprise29(2),2014,57–81BusinessCycleVolatility:DoestheEuropean-StyleSafetyNetHelp?TomiOvaskaYoungstownStateUniversityJosephPalardyYoungstownStateUniversity______________________________________________________AbstractTheglobalrecessionof2007–2009raisedaninterestingquestion:aretheEuropeanwelfarestateswiththeirlargegovernmentsandextensivesocialsafetynetsmoreimmunetobusinesscyclesthantheirincomepeersintheOECD?Inthispaper,wetestempiricallywhetherthathasbeenthecaseinthelongrun.Oursampleincludestwenty-oneOECDcountriesandathirty-nine-yeartimeperiodfrom1970through2007.Ourtestsmeasurewhetherthelevelofgovernmentinterventionineconomiesissignificantlyrelatedtothevariabilityinincomegrowth.______________________________________________________JELcodes:E32,H11,I38,N10,O11,P51Keywords:Baxter-Kingfilter,Businesscycle,Governmentsize,Safetynet,Welfarestate,GrowthvolatilityI.IntroductionVolatilitySynonyms:instability,unpredictability,precariousness,explosivenatureAntonyms:stability,constancy,steadiness,firmness,solidity,permanence,immovabilityThegreatvolatilityinmarketoutcomeshasarguablybeenthebiggestshortcomingincapitalism’ssuccessfulruninthelastfewcenturies.Infact,inhistheoryofhistoricmaterialism,KarlMarxarguedthatthecapitalistsystem,whilehistoricallynecessaryinhelpingtoincreasenations’capacitytoproducegoods,willfacecrisesofincreasingseverityovertime.Itsendwillcomewhenthemassesoflaborerswillnotputupwiththecrisesandsubsistencelevelwages57

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Metadata [hide]

Title	Business Cycle Volatility: Does the European-Style Safety Net Help?
Authors/Creators:	Tomi Ovaska, Youngstown State University Joseph Palardy, Youngstown State University
Year:	2014
Volume:	29
Number:	2
Pages:	57 - 81
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Government Policy

Citation:
Ovaska, Tomi; Palardy, Joseph / 2014. "Business Cycle Volatility: Does the European-Style Safety Net Help?." The Journal of Private Enterprise, 29(2): 57-81.