Mumtaz, Haroon; Simonelli, Saverio; Surico, Paolo - Centro Studi di Economia e Finanza (CSEF) - 2009
Using a dynamic factor model, we uncover four main empirical regularities on international comovements in a long-run panel of real and nominal variables. First, the contribution of world comovements to domestic output growth has decreased over the post-WWII period. The contribution of regional...