International real business cycles

We ask whether a two-country real business cycle model can account simultaneously for domestic and international aspects of business cycles. With this question in mind, we document a number of discrepancies between theory and data. The most striking discrepancy concerns the correlations of consumption and output across countries. In the data, outputs are generally more highly correlated across countries than consumptions. In the model we see the opposite.

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Year of publication:	1991
Authors:	Backus, David K. ; Kehoe, Patrick J. ; Kydland, Finn E.
Institutions:	Federal Reserve Bank of Minneapolis
Subject:	Business cycles

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Extent:	application/pdf
Series:	Staff Report.
Type of publication:	Book / Working Paper
Notes:	Published in Journal of Political Economy (Vol.100, n.4, August 1992, pp. 745-775) Number 146
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005712328