The sources of macroeconomic fluctuations in sub-Saharan African are examined by comparing the CFA franc countries with the non-CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA...

This paper studies the sources of macroeconomic fluctuations in small open economies using a structural VAR approach. The identification of the structural shocks is based primarily on long-run restrictions that are in the spirit of Blanchard and Quah (1989). The evidence from Brazil and Korea...

This paper compares business cycles in Asia and in Latin America using structural vector autoregression analysis with panel data. The evidence for countries in these regions suggests that (i) the main source of output fluctuations is supply shocks, even in the short run; (ii) the real exchange...

The sources of macroeconomic fluctuations in sub–Saharan African are examined by comparing the CFA franc countries with the non–CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in...

In the United States and a few European countries, inventory behavior is mainly the outcome of demand shocks: a standard buffer-stock model best characterizes these economies. But most European countries are described by a modified buffer-stock model where supply shocks dominate. In contrast to...