Aka, B.F., (2004) “Do WAEMU Countries Exhibit a Business Cycle? A Simulated Markov Switching Model for a Western Africa Area”. Applied Econometrics and International Development, Vol. 4-4, pp. 43-58.
This paper examines the issue of existence and identification of a regional business or economic cycle in aggregated West African economic and monetary union (WAEMU) economy and single member countries’ real GDP as well, by using a Markov regime switching model and the Gibbs Sampling simulation method. We found similarities of business cycle among individual countries. Comparing countries’ cycles to the aggregated one, the chronology and