Kose, M. Ayhan; Otrok, Chris; Whiteman, Charles H. - 2000
world. We employ a Bayesian dynamic latent factor model to estimate common components in main macroeconomic aggregates … (output, consumption and investment) in a sixty-country sample covering seven regions of the world. In particular, we … simultaneously estimate (i) a dynamic factor common to all aggregates/regions/countries (the world factor); (ii) a set of 7 regional …