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Business cycles are both less volatile and more synchronized with the world cycle in rich countries than in poor ones. We develop two alternative explanations based on the idea that comparative advantage causes rich countries to specialize in industries that use new technologies operated by...
Persistent link: https://www.econbiz.de/10013246053
Business cycles are different in rich and poor countries-because the industries in which each group of countries specialize respond differently to domestic and foreign shocks.Business cycles are less volatile in rich countries than in poor ones. They are also more synchronized with the world...
Persistent link: https://www.econbiz.de/10012749718
Business cycles are both less volatile and more synchronized with the world cycle in rich countries than in poor ones. We develop two alternative explanations based on the idea that comparative advantage causes rich countries to specialize in industries that use new technologies operated by...
Persistent link: https://www.econbiz.de/10014209410
This paper studies the role of the exchange rate regime for trade of new products. It first provides VAR evidence that a rise in external productivity shifts trade away from new products and more so in fixed regimes. Then, it presents a model with firm dynamics in line with this evidence. We...
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