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Networks and the macroeconomy : an empirical exploration

Acemoglu, Daron; Akcigit, Ufuk; Kerr, William R. - 2015

the direct impact of a shock and the magnitudes of the downstream and the upstream indirect effects. We then investigate … through the input-output network, with a pattern broadly consistent with theory. Quantitatively, the network-based propagation …, 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/10011491706

Networks and the macroeconomy : an empirical exploration

Acemoglu, Daron; Akcigit, Ufuk; Kerr, William R. - 2015

Persistent link: https://www.econbiz.de/10011305281

Technology Shocks : Novel Implications for International Business Cycles

Raffo, Andrea - 2010

absorption similar to taste shocks, thus reconciling theory and data. The paper also presents implications for the transmission …

Persistent link: https://www.econbiz.de/10013146967

International Transmission of the Business Cycle in a Multi-Sectoral Model

Ambler, Steve; Cardia, Emanuela; Zimmermann, Christian - 1999

Multi-country models have not been very successful in replicating important features of the international transmission of business cycles. This paper extends previous work by introducing multiple sectors and traded intermediate inputs. Trade in intermediate goods represents approximately 60% of...

Persistent link: https://www.econbiz.de/10014219818

US Business Cycle Dynamics at the Zero Lower Bound

Böhl, Gregor; Strobel, Felix - 2021

Using a nonlinear Bayesian likelihood approach that fully accounts for the lower bound on nominal interest rates, we analyze US post-crisis macroeconomic dynamics and provide reference parameter estimates. We find that despite the attention received in the literature, neither the inclusion of...

Persistent link: https://www.econbiz.de/10013250722

Rethinking Optimum Currency Area Theory : Endogenous Synchronisation of Shocks in Europe

Garcia, José - 2018

This work aims to assess whether the hypothesis of endogenous synchronisation of shocks is verified in the European Economic and Monetary Union (EMU). A state-space model, which yields time-varying coefficients, is estimated with structural demand and supply shocks to several European economies...

Persistent link: https://www.econbiz.de/10012917260

Business Cycle Synchronisation in Monetary Union

Rybáček, Václav - 2019

The purpose of this paper is to examine the self-enforcing nature of business cycle synchronisation in the process of monetary integration. Application of value added concept for description of business cycle and as a indicator of total economic activity is also discussed in the paper

Persistent link: https://www.econbiz.de/10012903578

Global Long-run Risk and International Business Cycles : A Factor-Stochastic Volatility Approach

Figueiredo, Calebe - 2018

We extract a global factor from cross-country output growth since 1960. We find that the fluctuations of the global factor are typically small, with the annualized unconditional volatility estimated at 0.06%, but highly persistent, with estimated persistence at 0.98. Evidence of time variation...

Persistent link: https://www.econbiz.de/10012908986

International transmission of financial stress : evidence from a GVAR

Dovern, Jonas; Roye, Björn van - 2013

We analyze the international transmission of financial stress and its effects on economic activity. We construct country specific monthly financial stress indexes (FSI) using dynamic factor models from 1970 until 2012 for 20 countries. We show that there is a strong co-movement of the FSI during...

Persistent link: https://www.econbiz.de/10009761846

The Dynamics of the Permanent and Transitory Components in International Business Cycles

Papanyan, Shushanik - 2007

This paper proposes a generalized multivariate framework to measure the significance of common permanent and transitory components in international business cycle fluctuations. I employ a multivariate unobserved components model with Markov regime switching to investigate the nonlinear dynamics...

Persistent link: https://www.econbiz.de/10014062640