The duration of recessions follows an exponential not a power law
classification
❄️ cond-mat
q-fin.GN
keywords
consistentdatadurationexponentialrecessionsanalysedboltzmann-gibbscapitalist
read the original abstract
Ormerod and Mounfield analysed GDP data of 17 leading capitalist economies from 1870 to 1994 and concluded that the frequency of the duration of recessions is consistent with a power-law. But in fact the data is consistent with an exponential (Boltzmann-Gibbs) law.
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