Mumtaz, Haroon; Simonelli, Saverio; Surico, Paolo - In: Review of Economic Dynamics 14 (2011) 1, pp. 176-198
Using a dynamic factor model, we uncover four main empirical regularities on international comovements in a long-run panel of real and nominal variables. First, the contribution of world comovements to domestic output growth has decreased over the post-WWII period. The contribution of regional...