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Have National Business Cycles Become More Synchronized?
Bordo, Michael D.; Helbling, Thomas - 2021
Europe and North America but the evidence for the role of financial integration proxied by the removal of capital controls is …
Persistent link: https://www.econbiz.de/10013213445
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The Endogeneity of the Optimum Currency Area Criteria
Frankel, Jeffrey A.; Rose, Andrew Kenan - 2021
A country's suitability for entry into a currency union depends on a number of economic conditions. These include, inter alia, the intensity of trade with other potential members of the currency union, and the extent to which domestic business cycles are correlated with those of the other...
Persistent link: https://www.econbiz.de/10013249558
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Leverage Constraints and the International Transmission of Shocks
Devereux, Michael B. - 2010
Recent macroeconomic experience has drawn attention to the importance of interdependence among countries through financial markets and institutions, independently of traditional trade linkages. This paper develops a model of the international transmission of shocks due to interdependent...
Persistent link: https://www.econbiz.de/10013139756
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Global House Price Fluctuations : Synchronization and Determinants
Hirata, Hideaki - 2012
We examine the properties of house price fluctuations across eighteen advanced economies over the past forty years. We ask two specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving movements in global house prices? To...
Persistent link: https://www.econbiz.de/10013100986
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Comovement in GDP Trends and Cycles Among Trading Partners
Blonigen, Bruce A. - 2012
It has long been recognized that business cycle comovement is greater between countries that trade intensively with one another. Surprisingly, no one has previously examined the relationship between trade intensity and comovement of shocks to the trend level of output. Contrary to the result for...
Persistent link: https://www.econbiz.de/10013106491
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Business Cycles and the Asset Structure of Foreign Trade
Baxter, Marianne - 2010
International financial market linkages are widely believed to be important for the international transmission of business cycles, since these govern the extent to which individuals can smooth consumption in the presence of country-specific shocks to income. This paper develops a two-country,...
Persistent link: https://www.econbiz.de/10012763571
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World Shocks, World Prices, and Business Cycles : An Empirical Investigation
Fernàndez, Andrés - 2016
Most existing studies of the macroeconomic effects of global shocks assume that they are mediated by a single intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This paper presents an empirical framework in which multiple...
Persistent link: https://www.econbiz.de/10012979352
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International Transmissions of Monetary Shocks : Between a Trilemma and a Dilemma
Han, Xuehui - 2016
This paper re-examines international transmissions of monetary policy shocks from advanced economies to emerging market economies. In terms of methodologies, it combines three novel features. First, it separates co-movement in monetary policies due to common shocks from spillovers of monetary...
Persistent link: https://www.econbiz.de/10012979377
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Networks and the Macroeconomy : An Empirical Exploration
Acemoglu, Daron - 2015
the direct impact of a shock and the magnitudes of the downstream and the upstream indirect effects. We then investigate …, capturing the fact that the local propagation of a shock to an industry will fall more heavily on other industries that tend to …
Persistent link: https://www.econbiz.de/10013019498
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TFP, News, and "Sentiments : " the International Transmission of Business Cycles
Levchenko, Andrei A. - 2015
We propose a novel identification scheme for a non-technology business cycle shock, that we label "sentiment." This is … a shock orthogonal to identified surprise and news TFP shocks that maximizes the short-run forecast error variance of an … shock produces a business cycle in the US, with output, hours, and consumption rising following a positive shock, and …
Persistent link: https://www.econbiz.de/10013026790