Kose, M. Ayhan; Otrok, Christopher; Whiteman, Charles H. - In: American Economic Review 93 (2003) 4, pp. 1216-1239
The paper investigates the common dynamic properties of business-cycle fluctuations across countries, regions, and the world. We employ a Bayesian dynamic latent factor model to estimate common components in macroeconomic aggregates (output, consumption, and investment) in a 60-country sample...