Autore
RAVN, Morten O.

Titolo
International business cycles: how much can standard theory account for?
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1993 - Fascicolo: 33 - Pagina iniziale: 1 - Pagina finale: 42

In this paper I first provide some empirical facts of international business cycles. I then investigate whether standard international real business cycle models can account for these moments of the data. I find that the standard theories seem unable to account for key-features of the data. For some variables (like consumption levels) theory predicts too high international comovements while it has the opposite implication for other variables (e.g. investment and output). Simple extensions do not improve the performance by much and stochastic shocks to government spending seem to have only minor effects in open-economy real business cycle models.



Testo completo: http://hdl.handle.net/1814/474

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