MULTICOUNTRY TESTS FOR THE OSCILLATOR MODEL WITH SLOWLY VARYING COEFFICIENTS

This paper applies Ramsey's (1992) forced oscillator model discovered with US data to Canada, Japan, UK, Belgium, France, Germany, and Italy . We also examine the aggregate production index for consumer goods in the US. Thus, the model is applied to and the results checked against data that were not involved in the discovery of the model in the orig inal paper. The adequacy of the model is evaluated and international c omparisons are made. The similarity of the estimates for all of the da ta sets examined suggest that the model may be widely applicable for c onsumer goods production indices, although France and Italy provide pa rtial exceptions to this statement.