Good Times are Drinking Times: Empirical Evidence on Business Cycles and Alcohol Sales in Sweden 1861-2000

Publisher's full text
Niclas A Krüger
Mikael Svensson

This article studies the relationship between the business cycle and alcohol sales in Sweden using a data set for the years 1861-2000. Using wavelet-based band-pass filtering, it is found that there is a pro-cyclical relationship, i.e. alcohol sales increases in short-term economic upturns. Using moving window techniques, we see that the pro-cyclical relationship holds over the entire time period. We also find that alcohol sales are a long-memory process with nonstationary behaviour, i.e. a shock in alcohol sales has persistent effects.

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