account for other important features of domestic and international aggregate fluctuations …

risk factors. Using a global vector autoregressive macroeconomic model accounting for about 80% of world output, we propose …

interpret G7 output data using a structural VAR that separately identifies common international shocks, the domestic effects of … magnitude of the common international shocks. Had the common international shocks in the 1980s and 1990s been as large as they …

together--there is a world component to business cycles. This paper argues that capital accumulation and international capital … flows are central to understanding world trade and business cycles. In particular, fluctuations in net exports and the … current account are shown to be dominated by trade in capital goods. The paper develops a two country model of international …

This paper links business cycle volatility to barriers on international mobility of goods and capital. Theory predicts …

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 commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …

The 2008-2009 crisis was characterized by an unprecedented degree of international synchronization as all major … prices and economic activity (international recessions). The model suggests that these recessions are more severe if they …

then to see decreased co-movement between 1920 and 1927 when international integration increased and nations returned to …

allocation of resources across developed countries at the business cycle frequency. Here we discuss how evidence on international … quantity comovement, exchange rates, asset prices, and international portfolio holdings can be used to assess efficiency …