Camacho, Maximo; Pacce, Matías; Pérez-Quirós, Gabriel - 2020
To analyze the international transmission of business cycle fluctuations, we propose a new multilevel dynamic factor … share of the world factor as a source of the international transmission of fluctuations is still significant, this is … partially absorbed by the spillover transmissions. In addition, we document a pro-cyclical channel of international transmission …