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Modern business cycle theory involves developing models that explain stylized facts. For this strategy to be successful, these facts should be well established. In this paper, we focus on the stylized facts of international business cycles. We use the generalized method of moments and quarterly...
Persistent link: https://www.econbiz.de/10005353296
Multi-country models have not been very successful in replicating important features of the international transmission of business cycles. Standard models predict cross-country correlations of output and consumption which are respectively too low and too high. In this paper, we build a...
Persistent link: https://www.econbiz.de/10005353463
Recent empirical evidence from vector autoregressions (VARs) suggests that public spending shocks increase (crowd in) private consumption. Standard general equilibrium models predict the opposite. We show that a standard real business cycle (RBC) model in which public spending is chosen...
Persistent link: https://www.econbiz.de/10008617064
Recent empirical evidence from vector autoregressions (VARs) suggests that public spending shocks increase (crowd in) private consumption. Standard general equilibrium models predict the opposite. We show that a standard real business cycle (RBC) model in which public spending is chosen...
Persistent link: https://www.econbiz.de/10008679128
Persistent link: https://www.econbiz.de/10005545612
Persistent link: https://www.econbiz.de/10005545625
Persistent link: https://www.econbiz.de/10005729603
Des Elements Recents de Preuve Empirique Tires D'analyses de Vecteurs Autoregressifs Confirment L'importance des Changements Novateurs du Taux D'interet En Tant Que Determinant des Fluctuations Economiques. Nous Montrons Que Ce Resultat Peut Soutenir une Theorie du Cycle Economique Fondee Sur...
Persistent link: https://www.econbiz.de/10005729697
Persistent link: https://www.econbiz.de/10005729709
Modern Business cycle theory involves developing models that explain stylized facts. For this strategy to be success, these facts should be we established. In this paper, we focus on the stylized facts of international business cycles.
Persistent link: https://www.econbiz.de/10005133070